Can a house property be further categorized to determine taxability?
• Self Occupied Properties (SOP). • Let Out Properties 22. What is a deemed to be let out property? If the you own more than one property all of which are not rented out but are self occupied, then you may choose any one property as self occupied and the remaining properties though not actually let out, will be deemed to be let out ie they will be assumed to have been let out and a notional rental value will be treated as 23. I have taken a loan for the purchase/construction of my house property. Do I get any tax benefits on the same? Your housing loan repayment would generally have 2 components – Interest and Principal. Both are deductible, but separately. Interest can be claimed as deduction, irrespective of the source of the loan. The maximum interest you can claim as a deduction is Rs.1,50,000/, if the property is not rented out. In case of rented property, there is no such limit. The principal repayment can be claimed as deduction only when the loan has been taken from Banks or Fi
