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HOW A SELF OCCUPIED HOUSE IS TAXED?

Special concessions are offered in case of one house property occupied by the taxpayer for his own residence! Under the Income-tax Act, ‘income from house property’ is a separate head of income, under which the ‘annual value’ of a property, consisting of any building or land appurtenant thereto, of which the taxpayer is ‘the owner’ is chargeable to tax. If, however, a house property is occupied by the taxpayer for...

DOUBLE HOUSING BONANZA!

How to avail tax benefit for housing loan interest on your second house, while also enjoying it for your first?              The tax benefits that can be availed of in respect of a housing loan can be broadly categorized under two heads.  Firstly, interest paid on the housing loan, borrowed from any agency including a private source, is deductible under Sec.24(b) while  computing  the  income under  the  head ...

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