20 July 2024
Key Points to Note: Municipal Taxes: Municipal taxes paid during the year can be deducted from the gross annual value of the property to arrive at the net annual value.
Co-ownership: If there are multiple owners of the property, each co-owner can claim a deduction in proportion to their ownership share.
Pre-construction Period Interest: For a self-occupied property, interest paid during the pre-construction period (up to 5 years) can be claimed as a deduction in 5 equal installments starting from the year in which the construction is completed.
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