Should I go with home loan from financial institution and can claim tax deduction on interest or I also have an option to get loan from a person at similar rate at which banks have been offering.2. interest)My question is can I claim tax deduction for interest paid to the Greater Noida authority under section 24? I got the possession of the house this year
Publication 529 (2014), Miscellaneous Deductions
Loss From Other Activities From Schedule K-1 (Form 1065-B), Box 2 If the amount reported in Schedule K-1 (Form 1065-B), box 2, is a loss, report it on Schedule A (Form 1040), line 28, or Schedule A (Form 1040NR), line 14 (only if effectively connected with a U.S. Depreciation on Computers You can claim a depreciation deduction for a computer that you use in your work as an employee if its use is: For the convenience of your employer, and Required as a condition of your employment
ICICI Prulife - Explanation of Tax Benefits, Tax Saving Schemes, Pension plans
However, this rule does not apply to following amounts: sum received under Section 80DD(3), or any sum received under a Keyman Insurance Policy, or any sum received under an insurance policy issued on or after the 1st day of April, 2003 but on or before the 31st day of March, 2012 in respect of which the premium payable for any of the years during the term of the policy exceeds twenty per cent of the actual capital sum assured or (Other than in case of Death) any sum received under an insurance policy issued on or after the 1st day of April, 2012 in respect of which the premium payable for any of the years during the term of the policy exceeds ten per cent of the actual capital sum assured (Other than in case of Death) Tax Rates for Individuals Rate of tax for Individuals for Financial year 2014-15 is as below: Below the age of 60 years are(including Woman) Total Income (Rs.) Rate of Tax Rs. Section 80CCC - Pension plans Permitted Deduction: Section 80CCC allows deduction of premiums paid under a pension scheme up to a maximum of Rs 150,000
EPF, falls under the EEE tax regime wherein the interest received (on retirement from service or withdrawal after 5 years of service) is tax-free in the hands of the investor. Thanks in advance Reply Kirti says: April 16, 2013 at 7:45 PM Balaviswanathan The investment in Monthly Recurring Deposit for a period of 5 years in Postal Office does not qualify for tax exemption
Publication 936 (2014), Home Mortgage Interest Deduction
Any additional debt not used to buy, build, or substantially improve a qualified home is not home acquisition debt, but may qualify as home equity debt (discussed later). deductible investment interest (other than incurred to produce rents or royalties) Schedule A (Form 1040), line 14 Publication 550, Investment Income and Expenses
xClose Login or Sign up Facebook Twitter OR Login Remember Me Forgot password? xClose Register or Connect with Email id *Choose a valid email address - An authentication email will be sent to your email id. ELSS (equity linked saving schemes) There are certain mutual funds which have a lock in for three years and are formed with a basic objective of tax saving
All deductions under chapter vi a at one place - Income Tax Forum
However, if the property is transferred before the expiry of 5 years from the end of the financial year in which possession of such property is obtained by him, the aggregate amount of deduction of income so allowed for various years shall be liable to tax in that year. The handicapped dependent should be a dependent relative suffering from a permanent disability (including blindness) or mentally retarded, as certified by a specified physician or psychiatrist
I shall be very much obliged if you could publish an updated article incorporating the recent changes regarding enchancing the 80 c limit to Rs.1.5 lakhs. Payment made into an account under the Senior Citizens Savings Scheme Rules, 2004 This has been introduced by Finance Act, 2008 and shall come into effect from 1.4.2009
Tax, tax rates, income tax advice, tax advice, tax planning, news, advice, income tax act, finance act, tax deductions, ELSS, ULIP, PPF, life insurance, infrastructure bonds, mediclaim
Section 80C(5) stipulates that in case an assessee transfers the house property referred to above before the expiry of five years from the end of the financial year in which possession of such property is obtained by him, or receives back, whether by way of refund or otherwise, any sum specified above, then no deduction shall be allowed with reference to any of the sums referred to above and the aggregate amount of deductions of income already allowed in respect of the previous year or years shall be deemed to be the income of the assessee of such previous year and shall be liable to tax in the assessment year relevant to such previous year
Tax benefits under Sec 80C, 80CCF, 80D, 80G and 80E - Rediff Getahead
Any advice herein is made on a general basis and does not take into account the specific investment objectives of the specific person or group of persons. You are entitled to a tax benefit provided you make investments in certain instruments which are eligible for deduction under Sec 80C of the Income Tax Act, 1961, with the maximum total exemption being Rs 1, 00,000
The Money Quest: Making the Most of Section 80C Deductions: 10 Smart Tips
Why? Because pension plans of insurance companies involve high costs, unfavourable tax treatment (although you receive tax benefit under section 80CCC) and lack of exit options. This will help you to take advantage of this account after 10-12 years because by that time the original lock in period of 15 years will get reduced to just 3-5 years.A few salient features of Public Provident Fund (PPF) have been mentioned in the post, NSC or PPF - How to Decide? and certain tips to followed while investing in PPF are discussed in the post How to Invest in PPF.9
Where the house property in respect of which deduction has been allowed under these provisions is transferred by the tax-payer at any time before the expiry of five years from the end of the financial year in which possession of such property is obtained by him or he receives back, by way of refund or otherwise, any sum specified in section 80C(2)(xviii), no deduction under these provisions shall be allowed in respect of such sums paid in such previous year in which the transfer is made and the aggregate amount of deductions of income so allowed in the earlier years shall be added to the total income of the assessee of such previous year and shall be liable to tax accordingly. It is clarified that the amount allowable as tuition fees shall include any payment of fee to any university, college, school or other educational institution in India except the amount representing payment in the nature of development fees or donation or capitation fees or payment of similar nature
ELSS (equity linked saving schemes) There are certain mutual funds which have a lock in for three years and are formed with a basic objective of tax saving. In no event shall IIFL be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits arising out of or in connection with the availability, use or performance of any information communicated on this page
Thus, whenever the Life Insured dies, the higher of the Sum Assured or the Fund Value would be paid to the nominee as the Death Benefit and the policy would be terminated. Reply sushmita roy December 26, 2014 at 11:22 am Kindly let me know whether there is any rule that we have to pay HRA in cheque and we can claim tax deduction only if HRA is paid in cheque
Is this also part of Chapter VI for the purpose of arrivng Net Taxable income Reply Amit says: March 9, 2013 at 11:03 pm HRA exemption is not part of Chapter VI, but it should be included in calculating Tax rebate. Reply sachin says: November 28, 2013 at 11:47 pm I want to give donate BJP or Congress party so can i save my tax My net income is 254000 INR I want to donate 25000 INR I you suggest invest or block 25000 INR so i block my rupees only for 2 month
Posted by Bikash Mani Bharadwaj Sub: Non taxable allowances Please let me know except Housing Loan Repayment, which are other expenses for which one get deduction in the gross income which is not included ... Posted by Sachin Patil Sub: Insurance premium Can a emoployer claims 80C deduction in respect of premium paid by his wife who is employed but taxable income is nil for the current ..
Short description of each deduction available will help you understand the limit of deduction available, eligibility to avail tax deduction under each section etc. The assesse is eligible to take deduction only if he satisfies the following conditions:- Assessee or his spouse or minor child should not own residential accommodation at the place of employment
Life Insurance premium to effect or keep in force insurance on life of (a) self, spouse and any child in case of individual and (b) any member, in case of HUF. By way of deduction from salary payable by or on behalf of the Government to any individual for the purpose of securing to him a deferred annuity or making provision for his spouse or children
Simple Guide of Deduction Under Section 80C Explained
Related posts: Save Tax in 2014-15 by Investing Efficiently Deductions From Salary: Check All Salary Deductions for A.Y.2014-15 Tax Planning for Senior Citizens (A.Y. NABARAD Rural Bonds: The deduction is also available under section 80C for subscription to notified bonds issued by National Bank for Agriculture and Rural Development
http://mutual-funds-personalfin.blogspot.com/2011/06/deduction-under-section-80c-80cc-80ccd.htmlPayPal Purpose Codes for Indian Paypal Users for withdrawing funds! Many Indian PayPal users still find difficult to understand the Purpose code and which purpose code suits them to withdraw funds from... As if this is not enough, Even home loan part also come under 80 c , So essentially you end up saving very less if you compare to what all you have invested under 80 c
Bank Fixed deposits or Term deposits of term greater than 5 years According to a relatively new provision amount saved in fixed deposits of term at least five years is eligible for income tax deduction under section 80C of Indian Income Tax Act. Life Insurance Premiums Any Life Insurance premiums (for one or more insurance policies) paid by you for yourself, your spouse or your children is eligible under income tax deduction under section 80C of Indian Income Tax Act
No comments:
Post a Comment