Buying a house is a dream for millions of people in
India. The government has provided various tax benefits to individuals to
encourage them to buy a house property under the ‘housing for all’ initiative.
One of the important things to note is that if the property is held jointly,
individuals can receive additional tax benefits for the same cost. Highlighted
below are the possible tax benefits if the house property is held jointly. A
house can be held jointly with anyone not necessarily a spouse or parent, but
it can also be with a relative, friend or even a business associate.
Thursday, 30 January 2020
Wednesday, 29 January 2020
Deductions under
Section 80TTA will not be allowed for the interest earned amount on fixed
deposits and it is taxable as per the normal slab rates as indicated by the
Union Budget. The tax deducted at source will also be
applicable if the interest earned amount exceeds Rs 10,000 per annum (The
interim budget 2019 has upped the interest earned amount to Rs 40,000 per
annum). As deduction for any income amount earned through fixed
deposits is not allowed in the same way, the deduction under Section 80TTA
cannot be claimed against the interest amount earned from recurring deposits.
Individuals and Hindu Undivided Family (HUF) are allowed to claim for
deductions under this section. Others including firms, corporates, entities, artificial
juridical person, the body of individuals, association of persons either
domestic or foreign-based ones are not allowed to claim a deduction as per
Section 80TTA. Maximum Deduction
Sunday, 26 January 2020
Saturday, 25 January 2020
Friday, 24 January 2020
Thursday, 23 January 2020
Wednesday, 22 January 2020
Did you receive any advance
salary or arrears of salary? If yes, you might be worried about the
tax implications of the same. Do I have to pay taxes on the total amount? What
about the tax calculations of the previous year and so on? Taxpayers who have
such questions in their mind, here is all that you need to know.
Subscribe to:
Posts (Atom)
