Saving Tax With Loans In India

Saving Tax With Loans In India



Saving Tax with Loans in​ India
Saving Tax on​ your income is​ always a​ spot of​ interest for each one of​ us and why not when there is​ a​ legal way?
Saving Tax is​ easier under Indian Income Tax Act if​ one opts for the​ home loan .​
There are two sections of​ Indian Income Tax which allow you​ to​ avail this benefit.
1) Indian Income Tax Act 1961,​ Section 24 (B)
2) Indian Income Tax Act 1961,​ Section 80 (C..)
If proper investments are made then you​ can get a​ total deduction of​ Rs .​
2.5 lacs per year .​
Under section 24,​ one can save up to​ Rs .​
1.5 Lacs and under section 80 save up to​ Rs .​
1 Lacs.
The Section 24(b) of​ the​ Income Tax Act,​ 1961 is​ applicable on​ Home loan for purchase of​ house or​ construction of​ the​ house property .​
You can avail a​ deduction of​ up to​ Rs .​
1,​50,​000 of​ you​ total tax liability,​ Also reconstruction or​ renewal or​ repairs is​ eligible for deductions under the​ said section.
The Section 80(c) of​ the​ Income Tax Act,​ 1961 allows you​ a​ deduction of​ up to​ Rs .​
1,​00,​000 on​ the​ principal repayment amount.
Example Suppose your total taxable income is​ Rs .​
6,​00,​000 .​
Hence now your total taxable income becomes only (6 - 2.5 - 1 Lacs) and that saves a​ lot of​ money!
With property rates increasing at​ 300% an​ year,​ literally tripling your asset worth in​ an​ year,​ makes investment in​ property a​ nice avenue for guaranteed profits on​ investments .​
To make it​ even better you​ can save on​ taxes if​ you​ purchase a​ property for self -- through the​ loan mechanism.
Saving Tax is​ legal and has never been easier.




Related Articles:



Related Topics:

Tax News - Tax Guide - Tax Tips - Tax Advice - Tax Videos - Tax Support - Tax Questions - Tax Answers - Tax eBooks - Tax Help



Powered by Blogger.