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.
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