Under Section 80EEA of the Income Tax Act in India, first-time homebuyers investing in affordable property with the help of a home loans get Rs 1. 50 lakh tax deductions on home loan interest … READ FULL STORY
Real estate investments have become lucrative in recent years, igniting renewed interest among buyers and investors. However, would a buyer investing in a second home be able to enjoy the same tax benefits as … 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
Home owners are often ignorant about the implications of buying a house property in single name, instead of joint names. One of my colleagues had bought a flat in his name before marriage. After … READ FULL STORY
A home loan is taken for the purpose of either buying a ready-to-move-in house or for the purpose of booking an under-construction property. Home loans are available for residential, as well as commercial properties. … READ FULL STORY
Until a few decades ago, Indians were generally averse to taking loans to buy or construct their homes and would use their retirement funds for the same. However, with increasing urbanisation, easy availability of … READ FULL STORY
Salaried borrowers who have opted for the Reserve Bank of India’s (RBI’s) home loan EMI moratorium, because of the current financial stress, will also see some changes as far as their tax deductions are … READ FULL STORY
There is no restriction on the number of properties you can own. Similarly, there is no restriction on the number of houses for which you can take home loans and claim tax benefits, either … READ FULL STORY
The Union Budget, presented on February 1, 2020, has attempted to give certain reliefs to developers and home buyers. It also attempts to introduce some provisions, to minimise unnecessary litigation between tax payers and … READ FULL STORY
Buying a house involves significant financial expenditure. Consequently, a little planning and effort can help you to save lots of money, when you buy a home in 2020. Home loan tax savings in … READ FULL STORY
The tax law allows you to avail of certain benefits with respect to home loans. The benefits are available under Section 24(b) for interest paid and under Section 80C for the principal repayment, subject … READ FULL STORY
The Mumbai Income Tax Tribunal delivered a very important decision on the claim for tax exemption on HRA (House Rent Allowance). Let us analyse the decision in details, with its ramification and relevance for … READ FULL STORY
