Category: Income From House Property
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80EE Deduction on loan taken for Residential House Property
With effect from 1st April 2014 a new section has been introduced to allow deduction in respect of interest on loan taken for acquisition of residential house property. Deduction is allowed up to a maximum of Rs one lakh rupees…
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ANNUAL VALUE-2(2)
Annual value is determined to compute income under the head Income from House Property,the Gross Annual Value (GAV), also called just the Annual Value, of a property is used in calculating the tax or rent which should be applied to the property
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Hidden Benefits of housing loan you must read
Housing loan, in first instance it is like a burden to repay a certain amount to be paid in periodical intervals even though it is used for construction/purchase of house. But, when it comes to Tax calculation it will be beneficial to tax payer that, he can deduct the interest paid on account of housing…
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Take advantage from housing loan interest!!
According to Income Tax Act, 1961 a person receiving income from house property can deduct certain amount under section 24 as standard deduction (other than municipal tax paid in the case of let out property) from the income from house property. Standard deduction prescribed under section 24 is as follows In the case of…
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Deductions allowed from Income from House Property?
Any income received in related to house property is taxable. According to Income Tax Act, 1961 a person receiving income from house property can deduct certain amount under section 24 as standard deduction (other than municipal tax paid in the case of let out property) from the income from house property.