The repayment of the principal amount of home loan is paid by an individual / HUF will allow as a tax deduction under section 80C of the income tax act. The maximum tax deduction allowed for Rs. 1,50,000. The total deductions include the amount investment such as PPF account, equity oriented mutual funds, tax savings with fixed deposits, senior citizen saving scheme and national saving certificate. Available on payment basis irrespective in which the payment has been made and the paid amount as stamp duty and registration fee are also allowed as a tax deduction. Repayment of principle part of the home loan is allowed after the complete construction certificate has been awarded and not allowed for the tax deduction. In case, planning to buy construction properties as its price at lower and compared to fully completed property. To request a service tax can levy on the construction properties and the finance minister will change the rate of service. There is no service tax on properties in which the construction has been fully completed.
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AuthorKervin Kupp Archives
April 2020
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