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Deduction

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 taken from the individuals and principal amount u/s 80C ?

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

disability deduction

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

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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...

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