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What is the tax impact on rented property?- Property Hotline
Posted
July 28, 2016
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12
July 28, 2016
12
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1:31Now PlayingExpert: Harsh Roongta, Chartered Accountant and a SEBI registered Investment Advisor.
Question: I live with my parents in their home. I recently bought a house in same city against a home loan. It is ready to move in and I plan to rent it out. What is the tax impact on the property? How much interest can I reduce from my total income?
Answer: The rental (minus municipal tax) will be taxable from which you can deduct 30% standard deduction as well as any interest payable on a loan taken to acquire that property without any limit. The resultant loss can be set off against salary income or business income.
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