Home Loan

Avoid Your Home Loan Application from Being Rejected

Finance - You need to remember certain things when you apply for a home loan to avoid your application from getting rejected. For instance, you need to submit all the required genuine documents. Besides that, here are the other things to keep in mind to avoid a loan rejection....

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All about Income from House Properties

Finance - Income from house property shall be taxable under this head if following conditions are satisfied: a) The house property should consist of any building or land appurtenant thereto; b) The taxpayer should be the owner of the property; c) The house property should not be used for the purpose of business or profession carried on by the taxpa...

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Additional Deduction of Interest on Housing Loan

Finance - Any taxpayer who has purchased or constructed a house with a borrowed capital is allowed a deduction with respect to interest paid on such loan under section 24(b) of the Income Tax Act. Such deduction of interest under section 24(b) is allowed up to Rs 2,00,000/- With the objective of ‘Housing for All’, government of […]...

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Save Taxes the Right Way (Invest+Tax Savings)

Finance - It’s that time of the year when you need to invest in different investment products to enable tax savings for FY 2021-22 OR else regret after March that you did not utilize the benefit of various deductions available for you Now a days, nobody wants to invest just for Tax savings, everybody wants such investment […]...

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Housing Loans & EMI’s Business

Finance - Introduction: Recently one of my Techie clients from the city of Bengaluru had moved into a new flat and something else was running in my mind when he took my assistance in filing his income tax return (ITR), a Young techie of around 34 years having a salary of around Rs 2 million per annum […]...

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Bajaj Finserv Gives A Major Overhaul To Its Website

Finance - 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...

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ICICI Bank launches ‘Cashback’ home loans

Finance - 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 […]...

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ICICI Bank slashes home loan rates by upto 30 basis points

Finance - 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...

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Credit Linked Interest Subsidy scheme for tax paying Middle Classes

Finance - 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...

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‘Mortgage Guarantee’ backed loans for affordable housing sector

Finance - 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...

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Charitable Trust eligible for 30% Standard deduction against House Property Income

Vishwa Kalyan Society Vs DCIT  (ITAT Ahmedabad) - Vishwa Kalyan Society Vs DCIT (ITAT Ahmedabad) Brief facts of the case are, that the assessee is a Charitable Trust, having income under the heads Income from House Property and Income from Other Sources. The assessee has filed its return of income online on 29-09-­2012 showing taxable income as NI...

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Section 54F exemption cannot be denied for Home Loan default

Goulikar Jawaharlal Vs ITO (ITAT Hyderabad) - The issue under consideration is whether the default in home loan by the owner of the property can be the reason to disallow the capital gain deduction u/s 54F of the Income Tax Act, 1961?...

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Government Notified Reverse Mortgage Scheme 2008

Notification 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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Recent Posts in "Home Loan"

Avoid Your Home Loan Application from Being Rejected

You need to remember certain things when you apply for a home loan to avoid your application from getting rejected. For instance, you need to submit all the required genuine documents. Besides that, here are the other things to keep in mind to avoid a loan rejection....

Read More
Posted Under: Income Tax |

All about Income from House Properties

Income from house property shall be taxable under this head if following conditions are satisfied: a) The house property should consist of any building or land appurtenant thereto; b) The taxpayer should be the owner of the property; c) The house property should not be used for the purpose of business or profession carried on by the taxpa...

Read More
Posted Under: Income Tax |

Additional Deduction of Interest on Housing Loan

Any taxpayer who has purchased or constructed a house with a borrowed capital is allowed a deduction with respect to interest paid on such loan under section 24(b) of the Income Tax Act. Such deduction of interest under section 24(b) is allowed up to Rs 2,00,000/- With the objective of ‘Housing for All’, government of […]...

Read More
Posted Under: Income Tax |

Save Taxes the Right Way (Invest+Tax Savings)

It’s that time of the year when you need to invest in different investment products to enable tax savings for FY 2021-22 OR else regret after March that you did not utilize the benefit of various deductions available for you Now a days, nobody wants to invest just for Tax savings, everybody wants such investment […]...

Read More
Posted Under: Income Tax | ,

Housing Loans & EMI’s Business

Introduction: Recently one of my Techie clients from the city of Bengaluru had moved into a new flat and something else was running in my mind when he took my assistance in filing his income tax return (ITR), a Young techie of around 34 years having a salary of around Rs 2 million per annum […]...

Read More
Posted Under: Income Tax |

Submitting Investment Declaration form: Things to ponder on

As a salaried employee, he/she must submit a tax declaration form via Form 12BB at the beginning of each financial year or 3 months prior to the close of the particular financial year. The form is statement of claims that and employee gives for deduction of tax to his/her employer to claim exemptions or deductions […]...

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Posted Under: Income Tax | ,

Charitable Trust eligible for 30% Standard deduction against House Property Income

Vishwa Kalyan Society Vs DCIT  (ITAT Ahmedabad)

Vishwa Kalyan Society Vs DCIT (ITAT Ahmedabad) Brief facts of the case are, that the assessee is a Charitable Trust, having income under the heads Income from House Property and Income from Other Sources. The assessee has filed its return of income online on 29-09-­2012 showing taxable income as NIL with a refund claim of […]...

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Why tax benefit on home loan is overrated

Are you planning to avail a home loan? Have you already availed a home loan but are not sure if you should prepay your loan or keep it as it is because of the associated tax benefit? If so, this article may help you decide your way forward. Although your bank must have already educated […]...

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Posted Under: Income Tax |

Finer points of income tax laws affecting personal taxation

Article discusses Provisions applicable in respect of Life insurance health insurance premium, Provision for deductions for home loan, Different holding periods for qualifying as long term capital asset and for indexation and Provisions of capital gains on listed shares. There are certain provisions under the income tax laws which general...

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Posted Under: Income Tax | ,

Can you claim HRA and deduction on home loan interest?

Where the taxpayer is living in his or her own house or, if one does not pay rent for one’s accommodation, then the HRA is fully taxable (i.e., the individual cannot claim the HRA exemption according to Section 10(13A) ...

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Posted Under: Income Tax |

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