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In swamy’s INCOME TAX BOOK , it is illustrated that this additional Rs. 50,000 is included within the overall limit of 1,50, ooo . 2.The NPS deduction from my salary ie falls under which section. It won’t be a problem even if your employer opens an EPF a/c for you in future. I did not understand you point – “We can apply that TDS personally”.. Today i saw some new options in my online sbi account i.e about PPF and linking TDS account . In my previous company i worked for 2 years my sal is less ,but they didn’t gave any ‘PF’ or “TDS” .
And i dont know where to update the interest payment details. Furthermore, the above tax deduction limit u/s 24 is applicable only for self-occupied house property. In case of let-out or deemed to be let out house property, interest is deductible fully without any limit. It is advisable to ensure that the house is in the name of the person who will be taking the loan and wants to claim the tax benefit. It would be better if you buy the house jointly with your wife and then you can claim the full benefit of the interest and principal.
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Since its controlled by govt my pension is gauranteed compared to equity returns. If you look at NPS internal split, it takes care of investment in equity, govt bonds etc. Which is less of a risk compared to only equity. I may able to save 20% Tax on the amount invested. Dear Dinesh..Suggest you to use tax liability calculator and check for yourself..
A tax rebate refers to a tax refund when the actual tax liability is lower than the taxes paid. For example, if your actual tax liability is Rs 40,000, but your employer has deducted a TDS of Rs 50,000, you are eligible for a refund of Rs 10,000. Premiums paid for a home loan protection insurance plan are tax deductible under section 80C of the Income Tax Act, 1961 only if the borrower makes repayment. Under specific circumstances, where the lender finances such an insurance plan and the borrower repays via loan EMIs, deductions are not allowed. Currently, individuals can claim only one property as self-occupied and make tax payments on the other based on notional rent.
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Here, you can claim the entire interest amount paid as no cap is applied. While calculating the total income an assessee can claim a tax deduction against interest payable on the loan. Mr. Vijay is fond of reading housing loan & tax advices on newspapers at a regular basis. He wants to save the maximum possible income tax. Again, tax calculations are somewhat confusing for a layman to understand easily. Like Mr. Vijay, today most of the people face difficulty in comprehending their tax sheets.
How i will achieve benefit of 80c plus 80ccd for NPS. Thank you so much for sharing such a informative post with us. Conveyance allowance increased to Rs 1600 per month. Medical reimbursement allowance can be upto Rs 15,000. But how can you add additional amount from tier-1 of NPS ? I think for this you have to open a tier -2 account.
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I have taken housing loan for extension of house. Am I eligible to show house loan repayment and less house loan interest?. The treasury of Tamilnadu government last year replied that extension of house loan is not allowed for reduction of tax.
It may be noted that all the income tax benefits mentioned above are calculated per person and not per property. Knowing every housing loan tax benefit is necessary since this can enable you to notably reduce your tax obligations. Check out the article to learn about the income tax rebates on home loan.
However, It is important for you to understand the income tax calculation for owning a second home. I have taken housing loan to construct a house through a society.. Now EMI is supposed to start but houses are not yet registered on members name… So am i eligible for tax exemption for this housing loan….. I have no obligations/responsibilities as of now. So what is the maximum limit of amount I can invest in various schemes to avail tax benefits. I am currently drawing 9.6 Lakh p.a monthly being 80k gross.
You have mentioned that under 80C an a deduction of 1,50,000 is available if invested under SCSS . In Oct 15 I have invested more than this amount under SBI Senior Citizen Saving Scheme. Is this scheme the same as SCSS SCSS and would a deduction be available under 80C. I invested this amount out of maturity amount of SBI FDs.
To avail the most competitivehome loan interest ratealong with other benefits, approach Bajaj Finserv. The property to be classified as deemed rented out is at the individual’s discretion. For a single home loan, the principal is allowed as a deduction up-to a limit of Rs. 1.5 lakh and interest up-to a limit of Rs. 2.0 lakh. What is the exemption of housing loan interest for the second house. Mr. Arun has taken a loan from a financial institution. The loan is taken by him/ her from any financial institution for the purpose of acquisition of a residential property.
Interest/penalty on unpaid interest shall not be allowed as deduction. Also, a second house will be considered as ‘wealth’ on which wealth tax will be levied at 1% of value if the net wealth exceeds R30 lakh. I took home loan in Nov,2008 and I got possession of my flat in June 2014,with last installment was paid in may,2014. Invest in Scripbox Tax Saver funds, get the best of both worlds – tax-saving & long-term growth.
Yes, it can be claimed if even an individual do not have medical insurance. I have an outstanding housing loan on Bangalore Property of 69 Lakhs. Principal repayments of up to Rs 1.5 Lakh can be claimed under Section 80c. In all total he has 3 epf a/c no. now how can he view all the amount in total that has been deposited to his a/c for both employer & employee. The Companies Act 2013, which has partially replaced Companies Act, 1956, by introducing certain new provisions related to corporate law.
He has invested in the investments u/s 80c and fully availed the benefits of this section. A tax assessee can claim max up to Rs 1.5 Lakh as tuition fee u/s 80c. I am sure you may have other investments to be claimed as tax deduction u/s 80c.
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