TAX BENEFITS

Tax Benefits to the Individuals investing in a Self Occupied home are presently as under:
Interest paid on borrowed capital with respect to self occupied property:

The proviso to Section 24(2) of the Income Tax Act, 1961, provides the allowance of a deduction of interest payable on borrowed capital not exceeding Rupees One Lakh Fifty Thousand in respect of Self Occupied House Property during the financial year and the same should be completed within three years from the end of the year in which capital was borrowed.

Tax incentives to Corporates are presently as under:

Section 32 of the Income Tax act 1961, provides for Depreciation Allowance.

The appendix 1 of rule 5 to the Income Tax Rules 1962, provides for the rate of depreciation on Building used for residential purposes except hotels @ 5% and for other @ 10%.

ADVANTAGE TO NRIs

Going by the average depreciation of Rupee against US$ over the last five years and the rate of interest on Housing Loans to NRIs, which is 13% at present, the effective cost of finance will be less than 6%, which more than takes care of return on investment by way of rental in addition to appreciation.

 
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