Income Tax : Explore deductions under Sections 24b, 80EE, and 80EEA of the Income Tax Act, 1961, for interest on borrowed capital or housing lo...
Income Tax : Discover the tax advantages of home loans under the Income Tax Act, 1961. Explore Sections 24B, 80C, 80EE, and 80EEA, which offer ...
Income Tax : Until a few years ago, homebuyers knew only one way of buying a home -- they saved and saved for years and when they had saved eno...
Income Tax : Article delve into the details of Section 80EE, its eligibility criteria, and how to claim the deduction while optimizing your inc...
Income Tax : Article explains Overview of Section 80EEA, Eligibility conditions to be eligible for deduction under 80EEA, Calculation of Deduc...
Budget 2016: In furtherance of the goal of the Government of providing ‘housing for all’, it is proposed to incentivise first-home buyers availing home loans, by providing additional deduction in respect of interest on loan taken for residential house property from any financial institution up to Rs. 50,000.
Sec 80EEA- Deduction in respect of Interest Payable on Loan taken for residential property Assessee is an Individual and taken a loan for purchase of a residential property, here is the benefit on interest payable over and above deduction claimed u/s 24(b). The above Section 80EEA is inserted by Finance Act, 2019 w.e.f 01.04.2019. 1) […]
The government wants you to own a house and the same becomes evident from the various tax benefits allowed under the income tax laws to the persons who own a house. Let us understand the various beneficial tax provisions which prove that the government wants you to own a house.
Income tax can be defined as the percentage of your income which you pay to the government in order to fund infrastructural development. Taxes account for a major portion of the income which is earned by the Indian government. In most cases these taxes can prove to be very harsh on the taxpayer. Hence the government has made some provisions wherein the taxpayer can save on the tax.
EMI on Home loan has two components. One component is repayment towards principal amount of loan and the other is interest portion. The article will describe regarding the tax benefit an assessee can avail on making payment of EMI. Loan can be taken for construction or purchase or repair or renewal or reconstruction of residential […]
Buying a house is a dream for many and involves a lot financial planning. Home Loan journey can be quite eventful and confusing. Flying to your new place every day seems like an exciting way to live. But, even birds need a place to come to a nest of their own. Therefore, here i am […]
Treatment of Interest against House Property in computation of Income [Section 24(b), 80EE, 80 EEA] After calculating the gross annual value (GAV) which is fairly simple to compute, most of the confusion to calculate the income under house property lies in computing the amount of interest deductible from the GAV. Section 24(b) of the Income […]
Section 80EEA Deduction in respect of Interest paid on Loan Taken for Acquisition of Residential House Property (Affordable Housing) {Sec. 80EEA as introduced by Finance Act, 2019.} Q 1. Who is eligible to get benefit under this Section 80EEA? Ans: An Individual who has taken a Loan for acquisition of residential house property from any […]
Repayment of housing loan is through Equated Monthly Installments (EMI) which consists of principal and interest component. As the repayment comprises of 2 different components, the tax benefit on home loan is governed by different sections of the Income Tax Act and these are claimed as tax deductions under different sections while filing the Income Tax Return.
Budget 2020: Extending time limit for sanctioning of loan for affordable housing for availing deduction under section 80EEA of the Act to 31st March, 2021. The existing provisions of section 80EEA of the Act provide for a deduction in respect of interest on loan taken from any financial institution for acquisition of an affordable residential […]
