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Income Tax Act 1961 has express provision of charging income from rental of building or house under the head Income from House Property . Thus , most of the court decision are unanimous about the treatment of the rental income usually under Income from House Property . This is so , even in a case...
Deduction of Interest on home loan is one of the oft asked question on tax. Nishmitha Shetty of Mumbai asks “When loan is taken for two homes then how much interest paid on them is allowed for deduction u/s 24 under the head House Property? Is it only Rs. 150000 or more?” Following points shall...
One of the most queried issue out by ordinary tax payer is about house loan and benefits out of such borrowal of funds u/s 24 and section 80C of the I.t. Act. So when a person sells house which was bought on borrowed fund , whether there are some restriction regarding the interest deduction u/s...
In my earlier posting , confusion regarding claim of interests on loan borrowed for buying land was explained. One can read Is Ineterest on Loan for Buying Plot /Land Allowed Dedcution ? . Similar question has been asked by Vijay Kumar Babu residing in Visakhapatnam who asks " I have decided to buy a plot of land through home loan from PNB or HDFC Home Loan. its costs Rs.5 Lakhs. For your information at present I'm residing in my own residence.Now my query are
Deduction of interest on loan borrowed for buying or constructing loan is on eof the foremost conufison on the minds of the tax payers. Suman of New Delhi as asked I have purchased a house. At the time of purchase I had taken a loan of Rsx. I paid the full amount to the builder. The possesion of...
Deduction u/s 80D of the Income Tax Act provides relief to tax payer by allowing a deduction in … [Read More...]
The tax deduction u/s 80DDB of the Income Tax Act provides relief to tax payers who are individual … [Read More...]
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