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FAQ: What are the benefits of home loan? - Property Hotline
Posted
June 16, 2016
Views
22
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1
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4.55%
June 16, 2016
22
1
4.55%
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4:51Now PlayingBe Un Confused
Expert: Samir Kanabar, Partner, Ernst & Young
Q: Can you please explain the benefits of purchasing a ready property with a home loan with respect to tax? Is there a defined rental value for every location while calculating rental income?
Answer: If your commercial purposes have been fulfilled, taking about the home loan then, interest deduction for self-occupied property is up to Rs 2, 00,000; let out- actual interest. Repayment of principal deduction (section 80c) is up to Rs 1, 50,000. For income-tax purposes, municipal value/ fair rent/ standard rent is compared with actual rent to determine the income.
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