Income tax on property: A ready reckoner

by Paul Joseph on December 30, 2012 · 0 comments

One of the most appealing reasons to buy property is the tax benefits that can be derived. Investments in property offer triple benefits: capital appreciation, tax exemptions and rental income, if applicable. Additionally, the financial burden that comes with a housing loan is easily offset with the tax benefits, which we’ll examine case by case. HOUSING LOAN Housing loan is a significant tax saver because both the interest and principal components offer better tax benefits. Under Section 24 of the Income Tax Act, a maximum of Rs 1.5 lakh can be deducted from taxable income. The principal component of the loan availed can be claimed subject to a maximum ceiling

[via India Properties – Real Estate India – Indian Property News Site]

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