The tax implications of owning multiple properties

A lot of people still prefer to invest in real estate rather than in other financial assets, and people who can afford it end up with multiple properties. Some may have a house in their city of work and one in their hometown, while others may invest in a weekend or holiday home in addition to the house they stay in. Then there are those who buy multiple properties for rental income and as an investment. If you are considering buying multiple properties, it is good to know the tax implications of such a move. Self-occupied house According to income-tax rules, a self-occupied house is one that is occupied by the taxpayer throughout the year by her and her family. In the case of a self-occupied house, income chargeable to tax under the head "income from house property" may be either nil or negative. It is negative in

This article was originally published on September 04, 2020.