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Income Tax - General Exemptions & Deductions available for salaried employees for FY 2018-19 i.e. AY 2019-20 includes House Rent Allowance, Interest on Home Loan, Standard Deduction and Chapter VI-A deductions which includes- Section 80C, Section 80CCC – Pension Funds, Section 80CCD – National Pension Scheme (NPS), Section 80CCE, Section 80D â...
Read MoreIncome Tax - Deduction in respect of interest on loan taken for residential house property(Section 80EE): Vide Finance Act 2013, an individual is allowed a deduction upto a limit of Rs 1,00,000Â being paid as interest on a loan taken from a Financial Institution, sanctioned during the period 01-04-2013 to 31-03-2014 (loan not to exceed Rs 25 lakhs) fo...
Read MoreIncome Tax - So, here we are talking about the various tax benefits provided by the Income Tax Act, 1961 to the taxpayers who have taken housing loan. There are various deductions available under the Act for the payment of loan amount (principal) as well as the interest component the same includes home loan interest deduction under section 24, Section...
Read MoreIncome Tax - Section 80C for Investment in Residential House Property and for payment of Principal amount – The Equated Monthly Installment (EMI) that you pay every month to repay your home loan consists of two components – Principal and Interest. The principal component of the EMI qualifies for deduction under Sec 80C....
Read MoreIncome Tax - Income Tax Benefit on Home Loan Interest under Section 80EE Of Income Tax Act relating to the additional deduction in respect of interest on loan taken for residential house property....
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