5. I bought a property and took out a mortgage loan for 10 years. Can I get any relief for the mortgage interest paid?
Mortgage loan interest spent to purchase a rented property is not deducted when determining the amount of Property Tax due. Availability of the deduction depends on the usage of the property as follows:
| Usage of your property | Where to claim deductions |
| Let for rental income which is subject to Property Tax | Deduct mortgage interests from net assessable value under Personal Assessment (limit: deduction cannot exceed the net assessable value of each individual property let) |
| Occupied for use as the premises of your sole-proprietorship business | Deduct mortgage interests from your assessable profits under Profits Tax. |
| Occupied as your residence | Deduct home loan interest under Salaries Tax or Personal Assessment. |
| Vacant or occupied as dwelling by relatives rent-free (i.e. not for self-occupation or let-out) | No deduction. |
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