income tax deductions for realtors

income tax deductions for realtors

Tax deduction for mortgage interest cheaper ago

Ashish Gupta describes some of the conditions and provisions that make it eligible a tax deduction on mortgage interest you pay

Under the tax law, interest conditions on a mortgage is deductible from your total income, provided specified are met. The deductions are available, while the calculation Income under the head of House Of Revenue. " The interest deduction is available even if the house is not rented, and is either vacant or on behalf busy. The loan can be for the construction, acquisition, repair or reconstruction of property.

The main requirement is that you should buy property with borrowed money and interest to pay for capital borrowed. Interest paid on housing loans is deductible on the base is due, because base. No need to have actually paid during the year.

The deduction of loan interest paid can be claimed subject to a ceiling of Rs 1.5 lakhs in a year. The interest on a loan for the repair or reconstruction are also eligible for this deduction.

For purposes of computing income or loss on the head "Income from House Property" of a self-occupied house, the deduction Rs 30,000 is allowed on interest on borrowed capital. However, a deduction for interest up to a ceiling of Rs 05.01 lakhs is available if the loan was taken from 01/04/1999 to construct or acquire a house and the construction or purchase of the house is completed within three years from the end of the year in which the amount was paid.

There is no stipulation regarding date of commencement of construction. Therefore, the construction of the house could have commenced before 1.4.1999 but as always, be completed within three years after the end of the year in which capital was borrowed the higher deduction would be available later on capital borrowed 1.4.1999.

Courtesy: - TOI dt - 13/02/2010

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About the Author

hi i am sapna i am working bhardwaj buildtech pvt.ltd.company

Rental Properties?

I am interested in buying residential income properties in the area of Nashivelle TN. I'm from California so that the properties would have to be managed out of state. I found that I like duplex, cap rates, however, has tenants stable and well priced relative. Real Estate Agent in the area even showed me pictures of the property. Is this a good investment of cash flow, apprecation and good tax deduction. There is a section 8 properties, but in your new area. Thanks

The "new area" part could be a good marketing agents say "You can only get better from here." I never buy blindly. You can not see what's down the street from a photo of a house. I'd rather have the worst house in the best neighborhood that the best in the worst neighborhood. I personally would not feel comfortable buying something that Mananger by another person who is far away. All my properties are within two hours my house. But I have considered not only ready for the issues I know it will bring. In essence, their finances are at your service, good or bad. As far as appreciation just get rich ... Please note: No one has a crystal ball you are an owner or a fin? If you buy a place that you pay $ 100 a month to keep up is appreciated .... How many can afford to buy? If you buy a place that yeilds $ 100 positive cash flow a month, now how you can buy? Some supporters are to hold and making use of residual income while they are appreciated. Some items are for the flow of cash income only appreciate and custom. Some support for buying more below market there, fixing and flipping. There is no set formula. Depends on its ability, the house in question, etc. .... If I bought it for appreciation in this country there are areas that just do not appreciate rents still rising.

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