Tax deductions on overseas property kortgage

Hi All,

Am filing my tax returns here for the first time; I moved to Melbourne last year and have been working since july2015.

I own a property overseas(India) for which am making instalment payments of about five hundred dollars every month. Since we moved here the property remains locked and has not been rented until now.

Question - Can I claim any tax exemption for the mortgage payments in this case?

Thanks in advance,
Senthil.

 

You mean loan repayments?

You could possibly claim the interest component if the property was available for rent and you were making efforts to rent it at market value.

 

Thanks terry,
Sorry about the typo, should have been 'mortgage'
Yep this is the part I knew, was curious if I could exempt certain percentage of it, thanks again for the response

 

I think you mean loan and not mortgage.

 

Mortgage interest payments deductible in Australia if property rented out or available, you should stick to that, that it was available for rent. But your Indian tax situation may be worse, most countries treat non-resident investors worse than locals, even disallowing all deductions in some cases (including mortgage interest) and just taxing the gross rent at a flat rate. This hit me for a while in Europe, don´t know about India.