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Income tax rebate on housing loan 2017 18
However, no Service Tax is levied on properties on which construction has been fully completed.
With effect from deduction will not be allowed if sum is contributed in cash.
First Published: Thu, Feb 02 2017.
The sums paid facebook video contest app free or deposited need not be out of income chargeable to tax of the previous year.However, it is to be noted that addition deduction.1,00,000 (under sub-section (1) has been deleted.The interest paid on acquisition of such property is allowed up to Rs2 lakh per annum under Section 24 of the Act.If TDS is deposited after this date, expenditure will be deductible in the year in which TDS is deposited.This avenue is now 4moms mamaroo coupon code uk closed and loss above 2 lakh would have to be mandatorily carried forward said Sandeep Sehgal, director of tax and regulatory at Ashok Maheshwary Associates LLP.The above 3 Sections relating to Tax Benefits on Home Loans have been summarised as under:- Particulars Quantum of Deduction (Rs.) Self Occupied Property Non-Self Occupied Property Section 24 2,00,000 seminole discount keg No Limit Section 80C 1,50,000 1,50,000 Section 80EE 50,000 50,000 Please Note:- The above tax.Moreover, if the property is not acquired/constructed completed within 5 years from the end of financial year in which the loan was taken, the interest benefit in this case would be reduced from 2 Lakhs to Rs 30 thousand only.Stamp Duty Registration Fee is also allowed as tax deduction under Section 80C even if the Assessee has not taken Loan.Tax is deductible but it is not deducted Expenditure is not deductible.50 lakhs applies to total amount invested during financial year in which original asset is transferred and in subsequent financial year.Such deduction shall be allowed if amount of debt or part thereof has been taken into account in computing income on the basis of Income Computation and Disclosure Standards notified under section 145(2) without recording the same in the accounts.This tax deduction under Section 80C is available on payment basis irrespective of the year for which the payment has been made.Also read: Did you know: the difference between direct and indirect taxes.
The limit of 10 per cent will be applicable only in the case of policies issued on or after 1-4-2012.
This maximum limit.