2 Section 80EE

Section 80EE

Tax savings from Home loans – Analysis of section 24(b), 80EE, 80EEA & 80C

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 : […]...

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Additional Deduction of Interest on Housing Loan

Income 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 […]...

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Deduction Under Income Tax

Income 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 […]...

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Income Tax Benefits Available On Hosing Loan

Income 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...

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Income Tax Benefits available on Home loan

Income 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 […]...

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Recent Posts in "Section 80EE"

Additional Deduction for interest on housing loan – Section 80EE & 80EEA

In this article I want to introduce tax planning hints for taxpayers having housing loans and what are additional benefits available to taxpayers for claiming interest on housing loan under section 80EE and 80EEA...

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Posted Under: Income Tax

Tax savings from Home loans – Analysis of section 24(b), 80EE, 80EEA & 80C

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 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 |

Deduction Under Income 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 More
Posted Under: Income Tax |

Income Tax Benefits Available On Hosing Loan

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 More
Posted Under: Income Tax |

Income Tax Benefits available on Home loan

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
Posted Under: Income Tax |

Income Tax Benefits/Deductions on Second Home Loan

From FY 19-20 onwards in the Finance Act, 2019, government has allowed a major relief u/s 23 and 24 of the Income Tax Act, 1961 by allowing the taxpayers to declare in their tax return the value of their ‘Two’ houses as self –occupied, on a NIL basis. That means, now a person can enjoy […]...

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Posted Under: Income Tax |

Tax planning and managing the House Property

The direct tax proposals of budget 2014 have been tax friendly. It is also worth noting that budget proposals have received the assent of President and now it is law of land under Indian Income Tax Act. It provides for tax advantage in the form of increased basic exemption limit for individuals by Rs.50K....

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Posted Under: Income Tax |

Income Tax Saving Investments For Salaried Individuals

Many individuals who are receiving income under the head salary ask about the methods which can legally help in saving tax on salaried people. It is a fact that are not allowed to claim expenses except those specified under the Income Tax Act. Therefore, they can only invest in or claim certain expenses which are […]...

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Posted Under: Income Tax |

Section 80EE – Analysis of The Forgotten One

The boon for the first time home buyers, the section 80EE has been reintroduced from FY 2016-17. According to which, the interest paid on loan for buying house property shall be allowed upto Rs. 50,000/-. The said deduction can be claimed over and above Rs. 2,00,000/- under section 24 and Rs. 1,50,000/- under section 80C. […]...

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Posted Under: Income Tax |

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