As you also know, real estate in India is still an appreciated investment choice because it provides stability and financial progress. It is a powerful source of income and capital growth. Regarding your query, is buying an investment property tax deductible? Let me tell you, buying an investment property in India is not directly tax deductible.
Is Buying Property Tax Deductible?
Yes. Tax benefits you can claim on expenses, and loans associated with the property.- Under Section 24(b), you can claim a deduction of up to Rs.2 lakh per year on interest paid for a home loan on a self-occupied property.
- For a rented property, there’s no upper limit, but just informing you, the overall loss from house property is capped at Rs.2 lakh per financial year.
- Under Section 80C, you can claim up to Rs.1.5 lakh on the principal repayment of the home loan.
- As far as I know, rental income is taxable under \"Income from House Property.\" You can claim a standard deduction of 30% on it for maintenance, along with municipal taxes paid.
- If your property is used for business, depreciation can be claimed as an expense under business income. Expenses like brokerage, legal fees, and stamp duty charges are not deductible while buying but may be considered when calculating capital gains.
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Is Buying An Investment Property Tax Deductible?
ravi
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2025-01-13T06:59:58+00:00 2025-01-13T06:59:59+00:00Comment
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