The Budget 2023-24 has extended the benefit of standard deduction on salary under Section 16 of the Income Tax Act, 1961, to those taxpayers who opt for the new tax regime offered under Section … READ FULL STORY
On purchase of property with home loans, borrowers enjoy a variety of deductions on their income tax liability. These deductions against the tax could be claimed under four sections of the income tax act, … READ FULL STORY
In India, tax deductions are available against home loan principal as well as home loan interest payments under different sections of the income tax law. Section 24B is among the multiple provisions in the … READ FULL STORY
Under the income tax law in India, your property has the potential to earn a certain income in a year. On this income, you are required to pay taxes. The income tax department taxes … READ FULL STORY
Section 24 of Income Tax (I-T) Act is among many provisions that help taxpayers in India to save taxes. Section 24 is meant specifically to cut down on tax imposed under ‘Income from House … READ FULL STORY
Land as an investment option has always been popular in India. Its popularity has not receded, despite the availability of various financial products such as mutual funds and equity shares. However, you should be … READ FULL STORY
If you have taken a home loan, you can avail of rebates on your income tax liability under various sections of the Income Tax Act in India. An income tax rebate is allowed on … READ FULL STORY
While India’s real estate sector did not get the special treatment it expected from the Union Budget 2021-22, some relief did come its way, in the form of an extension of the safe harbour … READ FULL STORY
The real estate sector, its buyers and all other stakeholders, had put forward several demands and expectations from the Union Budget 2021-22. Some of their demands were met, whereas some were missed. The realty … READ FULL STORY
There are a number of income tax provisions, which link the benefits with the time taken to complete the construction of one’s property. Deductions pertaining to repayment of the principal component of a housing … READ FULL STORY
Update on July 5, 2019:Â Finance minister Nirmala Sitharaman, while presenting the Union Budget 2019-20, on July 5, 2019, said the government is proposing additional tax deduction of Rs 1.50 lakhs on the interest paid … READ FULL STORY
The taxation on property purchase, has become much simpler than it was before. With the roll-out of the Goods and Services Tax (GST), several taxes previously applicable on real estate purchase (VAT, service tax, … READ FULL STORY
Earlier, whatever interest that a borrower paid against a housing loan, was allowed to be completely adjusted from the income, as a deduction. Now, this deduction has been capped to Rs 2 lakhs and … READ FULL STORY
