4. I bought a property and took out a mortgage loan for 10 years. Can I get any relief for the mortgage interest paid?
The availability of relief depends on the usage of the property.
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: reducing net assessable value to zero) |
Occupied for use as the premises of your 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. |