Can You Claim Deduction u/s 24 &Section 80C if Home Loan Borrowed From Friends or Relatives ?

The deduction of interest u/s 24 of the Income Tax Act is allowed even when the house property is self occupied . It also happens that people take loan from friends and relatives . Sujit Jha from Mumbai had asked whether the deduction of interest under section 24(b) is allowed in case of housing loan...

Can Wife Claim Deduction of Interest & Under Section 80C Despite Husband Paying EMI of Home Loan?

Me and My husband have taken a home loan last year. It was a joint loan on a property. EMI is paid from my husband's salary account. Can I take tax benefits for it even though I am not contributing to paying EMI. The interest statement has names of both of us. Rashmi, Delhi Yes

Disability Deduction u/s 80U simplified in six steps !

Section 80U of the I T Act provides deduction to person sffering from specified disability by at least to the extent of 40 % or in case of sever disability , 80 % suffering. For claiming deduction,you ought to have the certificate first , before you can claim the deduction u/s 80U. As per Rule 11A of I T Rules, medical authority for issuing certificate of disability are

Easy chart of deductions u/s 80C to 80U every individual should aware of !

The season of tax has arrived. Therefore , there is need for easy chart of all tax deduction u/s 80c to 80U for an Individual taxpayer?Under Income tax , deduction u/s 80C,80CCC, 80D, 80DD,80DDB,80G , 80GG, 80GGA, 80GGC , 80IAB , 80IB , 80IC , 80ID ,80IE , 80JJA , 80QQB ,80RRB , 80U  are...

Postal & Insurance Agents :What Deductions Allowed ?

The persons who are insurance agent or postal agents who receives commission for selling various kinds of investments and insurance products of  insurance companies and postal department. One reader Vasantha , Trichy  has asked  “I am a mutual fund broker, LIC agent & Postal agent. I am getting income by way of commission for my agentship. Please guide...

Does Payment To Travel Agent Require TDS ?

Tax deduction at source (TDS ) is done for various kinds of payments , falling under any provision given Chapter XVII of the Income Tax Act.If one examines the work of travel agent, one can see that the payments to a travel agent can relate to either only for ticket or hotel booking or for...

Section 80P: No Deduction on Rental Income !

Section 80P of the Income Tax Act provides deduction to cooperative society .However the deduction is allowable only in case the income  of the taxpayer arises from the business of banking or providing credit facility to its members and any activity which are attributable to business of banking . What does Section 80P say ?...

Revision of Late Return Filed u/s 139(4) Legally Correct !

Late return can be revised, indeed! It is generally understood that if tax return is filed after the due date (late return) , such return of income cannot be revised . In fact that the common error in belief that once a person files return late , then even when he finds a genuine error...

Section 54EC: Sales Consideration or Only Gains Should Be Invested !

Section 54EC of the Income Tax Act provides exemption provision in case of long term capital gains . The confusion actually in the mind of the tax payer starts when he has to decide how much he/ she has to invest in the specified bonds of section 54EC . The real confusion is about whether...

Can You Claim Exemption u/s 54F & 54EC Together !

Income Tax Act provides for claim of exemption from tax on long term capital gains on sale of capital asset under various provision.For example section 54 or section 54F provides exemption in case investment of net sales proceeds are made in another residential house, while section 54EC provides exemption upto R 50 lakhs if the...