There is no restriction on the number of houses a person can own under the provisions of the Income Tax Act. Likewise, there is no restriction on the number of houses a person can avail of the tax benefits for a home loan
Anil Rego explains the implications of choosing between old and new tax regimes, emphasizing the importance of deductions like home loan interest. Opting in is necessary for the old regime, which offers specific benefits for tax planning. Rego says: "It makes sense for you to go for the new tax regime if you do not have too much tax saving investments. But you would ideally need to compute it."
India Business News: EPF contributions offer tax benefits under Section 80C, with deductions limited to Rs 1.5 lakh annually. Interest earned is tax-exempt within Rs 2.5 l
Financial Literacy News: Tax-saving time is here. You have until March 31, 2024, to finalize your tax-saving plans for the 2023-24 financial year. If you're sticking to the old tax rules, there are plenty of deductions and exemptions to help you save on income tax.
List of post office schemes that does not offer tax benefits under section 80C of Income-tax Act, 1961.Let us now take a look at each of these schemes in detail and how investments and interest earned are taxed.
Tax-saving guide: In order to claim the section 80C deduction, a taxpayer must invest the specified amount in eligible investment instruments or spend it on designated expenses within the same financial year.
Success in ELSS investment is primarily a function of time rather than timing, Gagrani said, advising investors to opt for a systematic investment plan (SIPs) in ELSS to mitigate the impact of market timing on long-term returns.