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House prices have indeed shot through the roof and many end up taking home loans.
Section 24 2 of income tax act. And every one works upon saving tax by the investment that individuals do in relation to house property. Apportionment of income between spouses governed by portuguese civil code. Section 7 incomes which accrue or arise in india or are deemed to accrue or arise in india section 9 income arising from business connection in india section 9 1 i assessment year section 2 9.
Section 24 deductions. 2 dividends the definition of dividend has been given in sec. There are 2 types of tax deductions under section 24 of the income tax act.
A great chunk of one s income goes towards home loan emi. This section deals with exemptions on the interest paid on home loans. Section 24 of the income tax act is in relation to the income from house property.
Section 2 24 of the act defines income to include the following items. In this way any income that comes from rent and the annual value of all the additional houses are subject to tax after the deductions that are made under income tax s section 24. 1961 income tax department all acts income tax act 1961.
For section 24 of the income tax act the following section shall be substituted with effect from the 1st day of april 2002 namely. The income tax department never asks for your pin numbers. Buying a home is one of the most common long term investment goals for most indians.
Income tax act section 24 has two types of deductions. So the government has given plenty of tax benefits for house property under section 24 of the income tax act. This is an exemption allowed to every taxpayer where a sum equal to 30 of the net annual value does not come under the tax limit.
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