The Lagos State Internal Revenue Service (LIRS) has released a public notice to provide clarification on the conditions and compliance requirements for individuals to qualify for tax deduction of interest on their property loans.
The LIRS defines an "owner-occupied residential house" as any residential property (i.e. not an investment property) on which an individual has incurred expenditure on the purchase, construction, or conversion for his/her occupation. This excludes all temporary fixtures such as paintings, furniture, and electrical equipment etc. It must be used by the individual as the sole or main residence.
Read more here Download PwC Tax Alert_Tax deduction for interest on owner occupied houses_Sep2017
Download LIRS NOTICE_ALLOWABLE INTEREST DEDUCTIONS ON OWNER OCCUPIED PROPERTY
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