Tax Refunds

According to recent judgments, anyone purchasing a property outside India is still eligible to avail deduction under section 54F. This is subject to the purchase being made using the net consideration amount arising from the sale of any long term capital asset other than the residential property, and provided all the conditions as laid down in the respective section have been … [Read more...] about Tax Changes FY 2013-14: A house abroad, more returns

Additional deduction (u/s 80EE) of Rs. 1 lakh is available in respect of interest paid on loan availed (during the FY 2013-14) for acquiring new residential house property. The said deduction is subject to certain conditions mentioned below:• The loan sanctioned by the financial institution must be during the period 1st April, 2013 to 31st March, 2014. • Amount of loan … [Read more...] about New Rules of Tax Filing for 2014: House Property

Buying a house is one of the most important decisions of your lifetime. If you have available down payment (typically 15% of house value), you can borrow balance 85% against the house you intend to buy. Buying House for Tax Saving The benefits of home loan interest deduction and repayment of principal will be more than the house rent allowance exemption. Buying a house using … [Read more...] about Buying House through Loan is Better than Renting

In the beginning of 2011, the financial experts predicted worst market fall in 2 years. Some cash crunched real estate developers saw it as an opportunity. “Why risk your money when you can get 12% assured returns?” is a claim they are using as a gimmick to project themselves as a better investment option against stock market. Truth Behind “Lucrative” Real Estate Investment … [Read more...] about Beware of Real Estate Investment Schemes

A section of employees with salary below a certain limit (proposed to be Rs 5 lakh) may not need to file income tax returns this year, said chairman of the Central Board of Direct Taxes, Sudhir Chandra. However, if the salaried person has income from other sources, such as interest income from savings bank account or fixed deposits, dividend, etc. and does not wish to file … [Read more...] about Employees with Salary Below 5 lac May be Exempt from Filing ITR