BusinessNew Income Tax Rules On Home Loan Come Into Effect. Details Here
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New Income Tax Rules On Home Loan Come Into Effect. Details Here
The government has changed tax rules on rented properties from April
Interest paid above Rs. 2 lakh on home loan can be carried forward now
Long-term capital gain rule for properties have changed
On rented properties, interest paid above Rs 2 lakh can be carried forward for eight assessment years.
The government has changed income tax rules that could increase the tax outgo of those who have taken a home loan for a property that has been rented out. The amount that could be set off on home loans for rented property has been reduced. Earlier, in case of rented property, the loss from house property - which is basically the interest paid on home loan minus rental income - was allowed to be adjusted from income without any limit....