- 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 sanctioned does not exceed Rs 25 Lakh.
• Value of the residential house property does not exceed Rs 40 Lakh.
• The assessee does not own any residential property on the date of sanction of the loan.
- It has been made mandatory to mention the PAN of Co-owner(s) of the property in your income tax return from 2014 onwards. Annual value of the property owned and ownership percentage is also to be disclosed.
- For claiming exemption from capital gain tax, you are now required to provide additional details such as cost of house or the amount invested in bonds, date of purchase and amount of investment in capital gain scheme, etc.
Other tax changes that are applicable for the assessment year 2014-15:
- Changes in provisions related to Capital Gains, Commodity Trade, and Purchase of Immovable Property
- More Disclosures required by NRIs