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How can I save tax on rent amount of the flat? - Property Hotline
Posted
February 10, 2017
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February 10, 2017
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6:00Now PlayingExpert: Ramganesh Iyer, Fisdom
Question: My son and his family are Canadian citizens and at present reside with me in Mumbai. My son has taken a loan of Rs. 53 lakh for a flat in Bengaluru which has tenure of 9 years left and wants to buy a home in Thane with a budget of Rs. 96 lakh. My son is in 30% tax bracket while his wife is in 10% bracket. Is it possible for him to withdraw from the fixed deposit and make the balance payment? Also if he can take a loan against the FD or should he partially pay with surplus funds and home loan? He plans to rent the B’luru property, so, is there a way he can save taxes on the rent amount?
Answer: I would highly advise your son to not go for loan against fixed deposits and avail fresh loan instead. The interest he will pay on home loan upto Rs. 2 lakh is deductible and can be claimed as an interest on home loan. He should be able to avail the deduction on both the properties. Assuming that he is financially stable, there won’t be a problem to avail a fresh loan as long as he is able to prove his ability to repay it. If he does so, he can comfortably avail the tax benefits on both the properties.
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