Friday, 24 February 2017

Budget provisions that will discourage investment in high-value homes >> Free Intraday Tips

The Union Budget 2017-18 has proposed some provisions, which will boost the affordable housing sector but at the same time, will discourage taxpayers from treating real estate as an investment class. One such proposal will adversely impact investment in high-value properties or more than one property. At present, the income tax laws allow you to claim interest paid for purchase/construction/repairs/renovation of your house property. This deduction is restricted to Rs 2 lakhs, in case the house is self-occupied. 

In case the property is let-out, presently, there is no such limit and you can claim the full interest paid on money borrowed for the let-out house, including the interest paid during construction of the house. In case of more than one self-occupied house property, you have an option to choose any one of the properties as self-occupied and the other properties shall be treated as let-out and accordingly, you are entitled for full interest claim in respect of money borrowed for such properties. 

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