Mirror Now
@mirrornow·2.2M subscribers·145K videos
Is second home taxable?- Property Hotline
Posted
October 6, 2016
Views
250
Likes
4
Engagement
1.60%
October 6, 2016
250
4
1.60%
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.
3:06
3:33Now PlayingExpert: Vinay Singh, Tax and Legal Expert.
Question: I bought a second home which is vacant. I was told that I would have to pay notional rent if I don't rent it out. What is Notional Rent? How is it decided? Is there a move to scrap?
Answer: Yes your second home is taxable on the basis of rent you could have earned had you let it out. Normally, the fair rent minus 30% flat standard deduction minus property tax paid is the taxable sum. You can also deduct the entire home loan interest payable for that house (without any limit) to arrive at the taxable rent.
Be Un Confused
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.
