Income Tax - Conversation between Krishna and Radha Radha: Krishna, can we buy a new house for us. Krishna: Sure, but this year I have to invest to claim tax benefits so we can think about this next year. Radha: Oh Krishna, it seems you don’t know about tax benefits from loans taken for house property. Krishna : […]...
Read MoreIncome Tax - 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 MoreIncome Tax - SECTION 80C – DEDUCTION ON INVESTMENT: Section 80C is the most favorite section of all the income tax payer because it allows to reduce the tax liability of the tax payer by making tax saving investment and collect eligible expenses. It allows a deduction of maximum Rs 1, 50, 000 every year from the total […]...
Read MoreIncome Tax - Government has provided various tax benefits to assessee on hosing loan. Income Tax Act provides tax benefits on repayment of principal component of loan as well as on repayment of interest component of loan. Deduction under section 24(b) (A) In respect of let-out property, actual interest incurred on capital borrowed for the purpose of a...
Read MoreIncome Tax - Taking a home loan can help you save tax as per the provisions of the Income Tax Act, 1961. Take a look at the tax benefits available under the act. The repayment of Home Loan comprises of 2 components: 1. Repayment of Principal and 2. Repayment of Interest As the repayment comprises of two different […]...
Read More