Home Loan interest tax calculation
Hello , I purchased a under construction flat in March 2020 and it was completed in August 2024. Till 31st march 2024 I had paid 8 lakhs as interest on the home loan without claiming any benefits u/s ...
Hello , I purchased a under construction flat in March 2020 and it was completed in August 2024. Till 31st march 2024 I had paid 8 lakhs as interest on the home loan without claiming any benefits u/s ...
Dear Client,
Under Section 24(b) of the Income Tax Act, 1961, a taxpayer can claim a deduction of up to Rs. 2 Lakh per annum on the interest paid on a Home Loan. On the other hand, under Section 80EE, a taxpayer can claim an additional deduction of up to Rs. 50,000 per annum on the interest paid on a Home Loan for the FY 2024-25 which applies for first-time homeowners. If you can satisfy the conditions of both Section 24 and Section 80EE of the Income Tax Act, then you can claim the benefits. F
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The property is transferred to nephew through will, since the will was not registered, property is first transferred to legal heirs who have then sold the property and transferred amount received on s ...
Dear Client,
Your query lacks transparency, making it difficult to address it suitably. While you say that the property is transferred to the nephew through a Will, the legal heir or beneficiary also sells the property, and the proceeds of the sale are transferred to the nephew. Until and unless a competent court grants a probate of the will, the legal heirs or beneficiaries do not acquire their share in the property as stated in the will. However, be informed that Long Term Capital Gain(LTCG)
We are co-borrower and co-owner of two home loan. 1st joint home loan sanctioned in the financial yaer 2016-2017. 1st loan amount is Rs.1610000. The 2nd joint home loan sanctioned in the financial yae ...
Dear Client,
Under Section 24(b) of the Income Tax Act, 1961, a taxpayer can claim a deduction of up to Rs. 2 Lakh per annum on the interest paid on a Home Loan. On the other hand, under Section 80EE, a taxpayer can claim an additional deduction of up to Rs. 50,000 per annum on the interest paid on a Home Loan for the FY 2024-25 which applies for first-time homeowners. If you can satisfy the conditions of both Section 24 and Section 80EE of the Income Tax Act, then you can claim the benefits. F
Other Responses
Context: I bought a new property which is still under construction and then within 1 year, I sold off my older property and planning to reinvest property sell amount into newer property which will be ...
Dear Client,
The Capital Gains Account Scheme was introduced in 1988 by the Central Government. Any capital gain invested in the Capital Gains Account Scheme will be eligible for capital gain exemption as it would in case of re-investment. Two types of deposits can be made under the capital gains account scheme. Type A account is similar to regular savings bank accounts of any bank that offers better liquidity and withdrawals can be made at any time. Type B account is similar to a fixed deposit
I own a inherited residential plot(ownership rights in the form of lease from cooperative House building society) and after selling the same, the sale proceeds so obtained shall be utilised in purchas ...
Dear Client,
To claim a tax rebate under Section 54 of the Income Tax Act, a seller of immovable property has to reinvest the sale proceeds to buy another residential house. The new residential house property should be purchased either one year before the date of transfer or two years after the date of sale or transfer. In the case of constructing a new house, the individual is given an extended time period to construct a house, i.e., within three years of the date of transfer or sale. Under Se
One of my client he is an NRI with NRI status also his wife too and his wife own a property which is transfer to her brother on a lease agreement of rupees 1000.Then the brother he is building a petro ...
Dear Sir,
It is finance related subject. Please approach the Chartered accountant and enquire with Sub registrar office about the existing stamp act of your state.
Other Responses
I am an Indian, Indian Resident, purchased property in Dubai 6 month ago, now sold it and got profit, as per UAE zero percent tax on Capital Gain, do I have to pay Taxes in India or I am automati ...
Dear Sir,
It is purely a Tax matter as such you have to approach a Tax Practitioner or Chartered Accountant otherwise you may be misled.
Other Responses
In case of joint holding of mutual funds on anyone or survivor basis, on the death of one unit holder the mutual funds were transmitted to the surviving joint holder. Is there any tax liability payab ...
Dear Sir,
It is related to finance matter. Better you may contact any chartered accountant or any concerned expert for getting effective legal advise.
Other Responses
I have sold a property held for 20 years at 22 lacs, I beleive I am liable to pay 12.5% long term capital gain tax. Suppose I invest in a new property and buy residential plot of 22 lacs so I beleive ...
Dear Client,
Regardless of the use of the sale proceeds arising out of the sale of immovable property, you have to pay tax on long-term capital gain(LTCG) unless you follow the provision of Section 54 of the Income Tax Act to claim a rebate of tax on LTCG. To claim a tax rebate under Section 54 of the Income Tax Act, a seller of immovable property has to invest the sale proceeds to buy another residential house. The new residential house property should be purchased either one year before the d
I have selected for State Police constable job under the 2A category . I have a doubt regarding eligibility for non creamy layer benifits reason being my father during his last year his service was p ...
Dear Client,
The eligibility for an OBC NCL certificate is determined based on the annual income of the applicant's parents if the income falls below Rs.8 lakh in a financial year. Regardless of sectors of employment either Public or Private, if the parent's income exceeds the threshold income limit, his son/daughter is not considered eligible for an OBC NCL Certificate. However, as per the Department of Personnel and Training(DOPT) circular no. 36033/5/2004-EStt(Res) dated 14/10/2004, page 5,
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