With reasonable housing loan interest rates, many taxpayers use loans for residential property purchases. Tax laws, however, cap self-occupied property interest deductions at ₹2 lakh annually. For rented properties, the entire interest is deductible against rental income. This raises the question: Is excess interest over ₹2 lakh a loss for taxpayers, or can it be claimed in another way?
This story is from the January 06, 2025 edition of Mint Bangalore.
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This story is from the January 06, 2025 edition of Mint Bangalore.
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