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...