Section 80EEA History The existing provisions of Section 80EE will allow a deduction of up to Rs 50,000 for the interest paid for first time home buyers after securing a loan from a financial institution between April 1, 2016, and March 31, 2017. The government of India to help and boost the real estate sector has decided to extend the benefit for fiscal 2019 – 2020. The deduction can be claimed by the loan borrowers until they repay the housing loan. Eligible Deduction Amount - Individuals who are paying housing loan can claim for deduction on interest payment of up to Rs 1,50,000 per annum under Section 80EEA. This deduction is over and above the deduction of Rs 2,00,000 per annum for interest amount payments which is available under Section 24 of the Income Tax Act. Individuals are eligible to claim a total deduction of Rs 3,50,000 per annum for interest on the home loan if they meet the prerequisites of Section 80EEA of the Income Tax Act. Eligibility Criteria - ...
Posts
Section 80EE
Housing Loan Benefit History Of section 80EE FY 2013-14 and FY 2014-15 Section 80EE was designed for the first time in the FY 2013-14 for individual taxpayers to avail tax deduction on interest on home loans. At that time, the maximum deduction that could be claimed was Rs. 1,00,000. " This tax benefit was available for only two years - FY 2013-14 and FY 2014-15 ." The Section was reintroduced on FY 2016-17, and the quantum of deduction was changed to Rs. 50,000 for interest paid towards home loan. From 2015-16 Onwards Section 80EE - Deduction on Home Loan Interest Tax deduction under Section 80EE of the Income Tax Act 1961, can be claimed by first-time home buyers for the amount they pay as interest on home loan. The maximum deduction that can be claimed under this section is Rs. 50,000 during a financial year. " The amount can be claimed over and beyond the deduction of Section 24 and Section 80C ," which are Rs. 2,00,000 and Rs. 1,50,000, ...
LTA
For Your Information : Only 2 journeys in block of 4 years is Exempt – Exemption is available in respect of 2 journeys performed in a block of four calendar years commencing from 1986. Different blocks are : a. 1998-2001 (i.e. January 1, 1998 to December 31, 2001); b. 2002-2005 (i.e. January 1, 2002 to December 31, 2005); c. 2006-2009 (i.e. January 1, 2006 to December 31, 2009); d. 2010-2013 (i.e. January 1, 2010 to December 31, 2013); e. 2014-2017 (i.e. January 1, 2014 to December 31, 2017); “Carry over” concession – If an assessee has not availed travel concession or assistance during any of the specified four-year block periods on one of the two permitted occasions (or on both occasions), Exemption can be claimed in the first calendar year of the...
Summary of Section 80C
Summary of Section 80C Deduction u/s 80C for AY 19-20 Nature of Payment Life insurance premium (including payment made by government employees to the central government employees insurance scheme and payment made by a person under children's deferred endowment assurance policy). Payment in respect of non-commutable deferred annuity. Any sum deducted from salary payable to government employee for the purpose of securing him a deferred annuity. Contribution (not being repayment of loan) towards statutory provident fund and recognized provident fund. Contribution (not being repayment of loan) towards 15 year public provident fund. Contribution towards an approved Superannuation fund. Contribution to National Saving Certificate and deposit in "Sukanya Samriddhi Account". Contribution for participating in the unit-linked insurance plan (ULIP) of Unit Trust of India. Contribution for participating in the unit-linked insurance plan (ULIP) of LIC Mut...
Tax_Section_80C
Income tax benefits available under Section 80C Life insurance premium (LIC) As per current tax laws, premium paid towards subscription or activation of a life insurance policy is eligible for tax benefit under Section 80C. This includes premium paid towards life insurance for self, dependent children and parents under certain conditions. The amount of premium up to 10 per cent of the sum assured (in case of policies issued after April 1, 2012) is eligible for deduction, according to income tax laws. For example Mr A is taken LIC for his Family Self Premium Paid Rs 1,000/- & Sum assured Rs 1,00,000/- Parents Premium Paid Rs 1,000/- & Sum assured Rs 1,00,000/- Mr A will allowed Deduction of Rs 2000/- (Maximum up to Rs 20,000/-) 5 Year tax saving FD Most commercial banks offer a special type of fixed deposit scheme. This scheme, often referred to as a five-year tax-saving FD , comes with a lock-in period of five ...