Tag: Tax planning
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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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Amounts Not Deductible-40
Amounts not deductible (40) Section 40. Notwithstanding anything to the contrary in sections 30 to 38, the following amounts shall not be deducted in computing the income chargeable under the head “Profits and gains of business or profession”,— (a) in the case of any assessee— [(i) any interest (not being interest on a loan…
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Tax Slab Rate of Senior Citizens
Find Out – Tax Slab Rate of Senior Citizens(60-79)
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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.
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What is section 54F in Capital Gain
Capital gain arising on transfer of an asset which is not a residential house(ie. any other capital asset) by Individuals and Hindu Undivided Family (HUF) are exempted to the extent of amount utilized for new residential house.Capital Gain X Cost of new House / Net Sales Consideration.
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Let out your house property-get exemption from Wealth Tax
Let out your house property to get exemption from wealth tax There has been several instances where peoples having two or more residential houses unoccupied. In such cases they may have to pay wealth tax on such property too even it is not utilized. Wealth tax is charged on the net wealth of a person…
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How to become an Investment Adviser
Investment adviser means any person, who for consideration, is engaged in the business of providing investment advice to clients or other persons or group of persons. By virtue of (INVESTMENT ADVISERS) REGULATIONS, 2013 SEBI has made registration compulsorily to act as investment advisor. It is a step towards Investor protection. It aims to prohibit unqualified…
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Get registered to become Investment Advisor
Persons wishing to act as investment advisors has to compulsorily registered with the market regulator Securities and Exchange Board of India (SEBI). The SEBI (Investment Advisers) Regulations, 2013 (“IA Regulations”) were notified on January 21,2013 and have come into effect from April 21, 2013. . All the persons acting as an investment adviser before the…