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Are property taxes tax-deductible?

Curious about Property Taxes

Are property taxes tax-deductible?

Yes, property taxes are taxdeductible in India under certain conditions. As per the Income Tax Act, taxpayers can claim a deduction for property taxes paid on a property that they own, occupy, or have given out on rent. The maximum deduction allowed is up to Rs. 2 lakhs per year for selfoccupied properties and there is no upper limit for rented properties. It's important to note that this deduction is available only if the property is used for residential or commercial purposes and not for personal use like vacation homes or properties that are not rented out. Taxpayers must maintain proper records of the property taxes paid and can claim the deduction while filing their income tax returns.

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