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TAX INCENTIVES FOR HOUSING

Liberal deductions for interest on housing loan & repayment of loan installments are provided under the Income-tax Act! If a taxpayer has taken a housing loan either for purchase, construction, repair, renewal or reconstruction of his house property, interest on the borrowed capital is allowable as deduction. Whereas there is no limit as regards the amount of interest allowable for deduction in respect of a...

TAX CONCESSIONS FOR RENTAL INCOME

Standard deduction & interest on borrowed capital help effectively scale down your tax rate on rent Under the provisions of the Income-tax Act, the annual value (AV) of a house property let-out on rent is determined on the basis of the following: The fair rental value of the property, not exceeding the standard rent determined or determinable under the relevant Rent Control Act. Actual rent received or...

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