Mirror Now
@mirrornow·2.2M subscribers·145K videos
Can I avail IT benefits on purchase of flats?- Property Hotline
Posted
July 22, 2016
Views
14
July 22, 2016
14
Every word spoken in this episode is indexed. Type any phrase to jump straight to the moment it was said.
Type any word or phrase that may have been spoken. Click a result to seek the player to that exact moment.
Try a name, a topic, or a quoted line
See what was published immediately before and after this episode.
2:08
4:00Now PlayingBe Un Confused
Expert: Harsh Roongta, Chartered Accountant, and a SEBI registered Investment Advisor.
Question: I stay in an apartment that I own. I have no loan or any other liabilities. If I buy an apartment in the future and opt for a loan, can I avail I-T benefits for the same? Also, when I move to another house, should I rent it out, sell it or keep it vacant?
Answer: You can very much avail the IT benefits as and when you purchase an apartment in future and opt for a loan. However, one of the two houses will be treated as "Deemed to be let out property" if not actually let out and will be taxed on the basis of deemed rentals or actual rentals (If actually let out).
You will be able to claim the standard deduction to the extent of 30% on the deemed rentals or actual rentals and balance 70% will be taxable under the head " Income from House property" Also the entire interest paid on loan without any limit will also available as a deduction. The resultant loss can be set off against any other head such as salary income or Income from the business.
Sentinel Indexing in Progress
Metadata and chapters are available. Claim extraction for this episode is pending.
All video content is delivered via YouTube embedded players in accordance with the YouTube Terms of Service. Sentinel provides research tools that promote discovery and accountability across political media.
