Tax Exemption

/Tax Exemption
Tax Exemption 2019-01-14T06:09:05+00:00
  • Deduction of interest on housing loan:
    In the case of self-occupied property acquired or constructed out of borrowed funds, the deduction available for interest on
    capital borrowed is Rs. 2,00,000/-. In case of a rented property, the whole of the interest amount is allowed as deduction. The
    interest on borrowed funds in pre-construction period is allowed over a 5-year period commencing from the previous year in which
    the house is acquired or constructed.
  • Limit of repayment of housing loan (principal):
    The limit of repayment of housing loan qualifying for deduction u/s 80C is Rs. 1,50,000/- (including Stamp Duty, Registration Fee
    incurred for the purpose of transfer of such residential house property).
  • Is there any relief from tax arising on transfer of long-term capital assets under the Income Tax Act, 1961?
    Applicable as per the current Rules and Regulation of the Act.
  • What is a scheme of Pradhan Mantri Awas Yojana (PMAY)?
    Depending on the criteria of the customer, the maximum benefit can be availed up to Rs.2.67 lakhs.