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HOUSING INTEREST, HOW INTERESTING?

Deduction for interest on housing loan being allowable on ‘payable basis’ can be claimed, though actually not paid! Today’s Tax Clues deals with some very interesting issues raised by readers in relation to deduction for interest and repayment of housing loan. Query:  I am desirous of investing in a house and need a Housing Loan of Rs.20,00,000.  An institutional loan would mean adhering to a strict schedule of...

INTERESTING ISSUE ON COST OF ACQUISITION

Cost Inflation Index for FY 2011-12 notified at 785 reflects a rise of 10.4% over last year’s 711              Readers are aware that for purposes of computation of long term capital gains, a taxpayer is entitled to compute Indexed Cost of Acquisition, which is determined with reference to the Cost Inflation Index (CII) notified by the Government for the relevant financial year.              Vide its Notification...

HOUSE NO.2 CAN BE YOUR CHOICE NO. 1 !

Interest Deduction available for Second Housing Loan? Several readers have been asking this common question, “Can a taxpayer also avail tax benefits in respect of his investment in a second house, when he is still availing the same in regard to his first one?” Let us deal with this issue today. TAX BENEFITS FOR HOUSING LOAN  The tax benefits that can be availed of in respect of a housing loan can be broadly...

Housing Interest evokes Evergreen Interest!

Deduct Now, Pay Later, But Save Tax For Sure! Deduction of interest on housing loan has been of evergreen interest for readers since it provide focus on valuable opportunities for income-tax saving. Replies to the following queries provide an interesting insight. Tax Saving Even Without Actual Payment! Query: I am desirous of investing in a house and need a housing loan of Rs.20,00,000.  An institutional loan would...

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