This informative article covers qualification for write-offs, situations under which you are able to make a claim, how write-offs can married people, the amount of time restriction on revoking your own claim, while the kind of supporting papers you will need to hold .
Qualification for write-offs
The HLI you pay try deductible from the net assessable earnings under salaries tax or from your overall income under individual examination. Any person whose income try chargeable to taxation within regular rate is also eligible to a deduction.
Every one of the next conditions needs to be satisfied before a deduction is awarded:
you are the owner associated with the dwelling (either as a sole manager, a joint tenant or an occupant in accordance) and possession is by regard to the registered proprietor of this homes as found into the reports associated with area Registry;
the dwelling are a separate rateable unit underneath the rank Ordinance: this is certainly, it’s situated in Hong Kong;
the home can be used wholly or partly as your place of home around of assessment (if home try partially put just like the place of residence, the actual quantity of interest deductible can be restricted correctly);
you only pay HLI during 12 months of assessment on that loan for acquisition with the dwelling;