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How to claim interest deduction on property?- Property hotline
Posted
September 9, 2016
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82
September 9, 2016
82
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8:01Now PlayingExpert: Harsh Roongta, Chartered Accountant and a SEBI Registered Investment Advisor.
Question: I'm the owner of a property in an unauthorised colony. It is on Power of Attorney. I want to buy a legal property with a bank loan. Will my second property being bought on loan be considered as 1st property or 2nd property? If it's second property, can I claim interest I'm paying to the bank?
Answer: You can claim deduction of interest on as many properties as you own (First, second, third, fourth or all). The deduction is claimed from the rental drawn from the property. Where a property is self-occupied the rental value is taken as NIL and hence the interest deduction from a NIL figure results in a loss from house property & can be set off against salary & business income.
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