Category: Tax Planning
-
Tax benefit on house loan
Repayment of principal amount of loan taken from any bank, state/central government, LIC, NHB, etc. for the purpose of construction or purchase of a residential house property, the income of which is chargeable to tax under the head income from house property.A deduction of amount paid as repayment of principal amount on loan taken for…
-
Deductions Permissible u/s 80C
Deductions on Life Insurance Premium, contribution to Provident Fund, etc. (sec. 80C) Any sum paid or deposited to keep in force insurance on the life on an individual or his spouse any child of such individual and any member of HUF. Deduction is allowed only where the premium paid does not exceeds 20% of the…
-
Taxability of HRA and interest on housing loan
You can claim both HRA and Interest on housing loan even both the properties are in the same place.HRA can be claimed even, if your residential property is let out, or self-occupied or it remain vacant due to employment/business/profession carried on at any other place and he has to reside at other place in a…