UPSC Exam > UPSC Videos > Commerce & Accountancy Optional Notes for UPSC > House Property - 2
House Property - 2 Video Lecture | Commerce & Accountancy Optional Notes for UPSC
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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.
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Dec 22, 2024 Last updated |
Video Description: House Property - 2 for UPSC 2024 is part of Commerce & Accountancy Optional Notes for UPSC preparation.
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