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Income Tax - Home loan entitles Individuals to Deduction Under Section 80C of up to Rs. 1.50 Lakh and Interest Deduction under section 24 of up to Rs. 2 Lakh. Articles deals with Faqs on Benefit U/s. 24 and 80C on Jointly Owned Property, Under Construction Property, multiple properties and Simultaneous benefit of Interest exemption and HRA. ...
Read MoreIncome Tax - We all think that we are eligible for Interest Deduction U/s. 24(b) up to Rs. 2,00,000/- on home loan taken for Self Occupied property. But many taxpayers are not aware that in some cases the deduction of Housing Interest on Self Occupied Property is available only upto Rs. 30,000/- instead of Rs. 2,00,000/-. In this article we have dis...
Read MoreIncome Tax - If capital is borrowed for reconstruction, repairs or renewals of a house property), then the maximum amount of deduction on account of interest is Rs. 30,000 (and not Rs. 2,00,000)....
Read MoreIncome Tax - Article deals with Tax Benefit on Home loan under section 80C for Loan Principal Payment, Section 24 for Interest Payment, Tax planning of Home Loan & HRA....
Read MoreIncome Tax - Tax benefits of Home Loan- Overall there are two types of tax benefits that are available on the repayment of a housing loan. Interest paid on the loan is eligible for a deduction up to Rs. 1.5 lakh per annum from the taxable income of the individual under Sec 24 when the property is self-occupied or it is one ownership property lying vac...
Read MoreIncome Tax - Launched in January 2018, Bajaj Finserv’s new website is a perfect example of consumer satisfaction. Why? Well, it’s because of the efforts taken by Bajaj Finserv to make life better for their consumers. Bajaj Finserv, one of the most significant and diversified NBFC of the country, recently re-launched their website to provide a hass...
Read MoreIncome Tax - Mumbai: ICICI Bank, India’s largest private sector bank by consolidated assets, today announced the launch of a new home loan, which offers borrowers the benefit of 1% cashback on every EMI, for the entire tenure of the loan. A unique offering in the industry, it is available for home loans with a minimum tenure of 15 […]...
Read MoreIncome Tax - ICICI Bank, India’s largest private sector bank by consolidated assets, today announced reduction of interest rates by upto 30 basis points for home loans upto Rs 30 lakh in its bid to boost affordable housing in the country. With this reduction, salaried borrowers can avail home loans at among the lowest rates in the industry. Salaried...
Read MoreIncome Tax - Credit Linked Interest Subsidy scheme for tax paying Middle Classes made effective from January 1 this year. Those sanctioned house loans and applied for since January 1st eligible for interest subsidy of up to Rs.2.35 lakh each...
Read MoreIncome Tax - ICICI Bank launches ‘Mortgage Guarantee’ backed loans for affordable housing sector First bank in India to offer this facility for retail customers It can enhance a home loan by up to 20% within regulatory norms It allows a borrower to choose an extended loan tenure up to 67 years of age...
Read MoreNotification No.93/2008-Income Tax - (30/09/2008) - NOTIFICATION NO. 93/2008, DATED 30-9-2008 Reverse Mortgage means mortgage of a capital asset by an eligible pcrscn against a loan obtained by him fiom an approved lending institution; reverse mortgagor means the eligible person who has mortgaged the capital asset for the purpose of obtaining loan; ...
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