Maximum deduction on life insurance, medical insurance & tuition fee restricted to just Rs 50,000 !

Direct Tax Code 2010 has three section 70, sec.71 & section 72 which deals about tax incentive (read deduction ) on premium paid on life insurance, mediclaim and payment of tuition fee respectively. Each section has its own conditions to be fulfilled in order to claim deduction (read incentive ) . However, there is section…

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Does Direct Tax Code 2010 allow Interest deduction from house property income?

First the postive news ! Under the Income Tax Act 1961 , if you have more than one property, there was provison for taxing notional rent even if the second house was not put to rent. However, under the Direct Tax Code 2010 , such aconcept has been abolished.

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