Who can claim deduction under section 80EE? An individual who has taken a loan from any bank/housing finance company for the purpose of acquiring a residential House Property. What is the amount of deduction? The amount of interest payable on such loan but subject to a maximum of Rs.50,000. The deduction on repayment of loan … Read more
Stamp Duty and Registration Charges are the expenses which have to be paid while buying a house and get it transferred in your name. It is the tax that is paid on the market value of the house. The Stamp duty and registration charge is mandatory and is levied by the Government of India. The … Read more
House property consists of any building or land appurtenant thereto of which the assessee is the owner. The appurtenant lands may be in the form of a courtyard or compound forming part of the building. But such land is to be distinguished from an open plot of land, which is not charged under this head … Read more
SEC – 71B: CARRY FORWARD AND SET OFF OF LOSS FROM HOUSE PROPERTY Where the loss under the head house-property: Can be SET OFF in current year against any other head of income Balance of the loss to be carried forward for 8 Assessment Years and SET OFF only against “Income from House Property” Note: … Read more
People are always keen to find themselves their first home. For this purpose, they work tirelessly day-in and day-out. However, before one buys or sells a house there are certain tax implications that needs to be taken care of. Without prior knowledge about applicable tax liability, house owners and sellers can find themselves into tax … Read more
Owning a residential house is a dream of every person. The privilege of owning a house not only gives you the liberty to operate with ultimate freedom with respect to construction and modification, but also lets you have a status symbol. One thing that you would be pleased to hear is that even the Government … Read more