A lot of people very own one or more home, be it ancestral assets otherwise after you revise to help you an excellent big set. You might secure the assets vacant or put it into book. If you too have bought the next home or are usually planning to find, or if you own 2 features and you may both are into book – say when you have moved abroad otherwise moved on to another city, you should know the taxation treatments for interest paid down into financial will vary throughout cases.
Around Area 80C of one’s Tax Act, 1961, the fresh new taxpayer is claim doing Rs 2 lakh since the deduction for the notice on the mortgage and you may Rs step 1
Knowing the taxability regarding house property, know that there’s two parts of house assets: Self-Occupied Property (SOP) and you may Help-Aside Possessions. Belongings your taxpayer uses for his/her own home is also known as self-occupied assets (SOP), because other is considered as assist-away possessions or leased. Even when the taxpayer does not rent out the other family, it will be considered as ‘deemed to be let out’, and you may taxed consequently. (suite…)