UPSC Exam > UPSC Videos > Commerce & Accountancy Optional Notes for UPSC > House Property - 2
House Property - 2 Video Lecture | Commerce & Accountancy Optional Notes for UPSC
|
180 videos|153 docs
|
FAQs on House Property - 2 Video Lecture - Commerce & Accountancy Optional Notes for UPSC
| 1. What are the tax implications of owning a house property? |  |
Ans. Owning a house property can have various tax implications. You may be eligible for deductions on home loan interest payments under Section 24(b) and on principal repayments under Section 80C of the Income Tax Act. Additionally, rental income from the property is also taxable under the head 'Income from House Property'.
| 2. Can I claim tax benefits on multiple house properties? | |
Ans. Yes, you can claim tax benefits on multiple house properties. However, the maximum deduction for interest on home loan payments remains the same for all properties combined, while the deduction for principal repayment under Section 80C is limited to one property only.
| 3. What is the difference between self-occupied property and let-out property for tax purposes? | |
Ans. A self-occupied property is one in which you reside, while a let-out property is one that is rented out. For a self-occupied property, the notional rent is considered for taxation purposes, whereas for a let-out property, the actual rent received is taxable.
| 4. Can I claim tax benefits on a house property under construction? | |
Ans. Yes, you can claim tax benefits on a house property under construction. The interest paid during the construction period can be claimed as a deduction in five equal installments starting from the year of completion of construction.
| 5. Are there any tax benefits available for first-time homebuyers? | |
Ans. Yes, first-time homebuyers can avail additional tax benefits under Section 80EEA, which provides a deduction on home loan interest payments up to a certain limit. This deduction is over and above the existing limits available under Section 24(b) and Section 80C.
Related Exams
About this Video
|
4.64/5 Rating |
|
Dec 22, 2024 Last updated |
Video Description: House Property - 2 for UPSC 2024 is part of Commerce & Accountancy Optional Notes for UPSC preparation.
The notes and questions for House Property - 2 have been prepared according to the UPSC exam syllabus.
Information about House Property - 2 covers all important topics for UPSC 2024 Exam.
Find important definitions, questions, notes, meanings, examples, exercises and tests below for House Property - 2.
Introduction of House Property - 2 in English is available as part of our Commerce & Accountancy Optional Notes for UPSC for UPSC & House Property - 2 in
Hindi for Commerce & Accountancy Optional Notes for UPSC course. Download more important topics related with notes, lectures and mock test series for
UPSC Exam by signing up for free.
Description
Video Lecture & Questions for House Property - 2 Video Lecture | Commerce & Accountancy Optional Notes for UPSC - UPSC full syllabus preparation | Free video for UPSC exam to prepare for Commerce & Accountancy Optional Notes for UPSC.
Information about House Property - 2
Here you can find the meaning of House Property - 2 defined & explained in the simplest way possible.
Besides explaining types of House Property - 2 theory, EduRev gives you an ample number of questions to practice House Property - 2 tests,
examples and also practice UPSC tests.
|
180 videos|153 docs
|
|
Explore Courses for UPSC exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
video lectures
,House Property - 2 Video Lecture | Commerce & Accountancy Optional Notes for UPSC
,Sample Paper
,Semester Notes
,Important questions
,Previous Year Questions with Solutions
,Summary
,study material
,ppt
,practice quizzes
,Objective type Questions
,mock tests for examination
,shortcuts and tricks
,Viva Questions
,Extra Questions
,Exam
,House Property - 2 Video Lecture | Commerce & Accountancy Optional Notes for UPSC
,MCQs
,Free
,House Property - 2 Video Lecture | Commerce & Accountancy Optional Notes for UPSC
,past year papers
;
Study House Property - 2 on the App
Students of UPSC can study House Property - 2 alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the House Property - 2,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of House Property - 2 is prepared as per the latest UPSC syllabus.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup