The move is especially expected to benefit small savers and senior citizens
The plan is fostering a responsibility among workers to prepare for their own retirement
Donations to the Kerala Chief Minister's Distress Relief Fund have also been exempted from income tax.
Taking advantage of tax deductions for investment under section 80C of the Income Tax Act must start with a list of investments already made to avoid unnecessary overinvesting for tax deduction.
While it was launched with much fanfare, the RGESS never seems to have struck a chord with taxpayers.
Section 80D of the Income Tax Act in India allows a taxpayer to claim deductions of up to Rs. 25,000 on payment of medical insurance premium during a financial year. Senior citizens (above the age of 60 years) can claim Rs. 30,000 under this section.
Tax benefit on loan repayment of second house will be restricted to Rs 2 lakh per annum, Finance Bill 2017 has proposed, a move that may hit hard those making big savings so far as there have been no limits on set off from such property.
While there is one EMI payable to repay home loan, one must take into account the principal and the interest to enjoy tax benefits.
There has not been any precedence of major interest rate cuts, ahead of the union budget‘s presentation. On the contrary, major financial policy decisions are put on hold or deferred, ahead of the budget. R
With the social fabric of the country undergoing changes, it is imperative to encourage the lower/ middle income segments to provide for their own security.
1. More clarity on REITs Easing the guidelines for real estate investment trusts (REITs), will open the way for the realty sector to get easy funding and ensure timely completion of projects, say developers. R
In the 2016-17 union budget, the government introduced several measures to boost affordable housing. Among the significant ones, it provided 100% tax exemption on profits, for developers building homes up to 30 sq meters R
Education loan and home loan come with income tax benefit. Here are the rules that govern the tax benefits.
Income earned from a property that is owned by a tax payer, is taxed under the head â€˜income from house property‘, whether it is a residential or commercial property. Â Basis for taxation If R
People are generally under the impression that one can own any number of properties but one cannot take more than one home loan at a time. This is not true. As there is no R
In addition to making an informed decision, property buyers are also working out the best mode of acquiring their immovable assets. Whether it‘s choosing the best financing option for tax benefits or directly dealing R
The finance bill, was presented in the parliament on February, 29, 2016. It became a law, after receiving the president‘s assent, from May 14, 2016. This Finance Act 2016, has certain provisions, which will …
There are several details that should be the focus of the individuals and the conditions that come with this extra benefit.
Legendary investor Warren Buffet says that his top three investments were the two wedding rings and buying a house.
The Union Budget 2016 offers an additional tax benefit of Rs 50000 for first time home buyers.
Tax exemptions can be aimed at promoting health insurance. Also government can offer tax incentives to channelize savings, which in turn work for individuals in their retirement planning.
These schemes are treated as debt funds for the purpose of tax treatment, which makes them unattractive.
NPS as a retirement tool has become attractive with low cost, flexibility & long term higher growth due to equity component. While NPS is highly recommended, one also has to see the age of entry & likely corpus accumulation to have a meaningful pension.
Investment in national saving certificate fetches tax deduction under section 80C of income tax act. The interest accrued on NSC also is tax deductible.
Housing loan can be taken for the purchase of a house or for the repairing of the house. And depending on the reason, the tax benefits change.