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The Income Tax Act allows an individual to claim HRA tax exemption provided specified conditions are met. However, it may happen that an individual is planning or already paying rent to family member including wife or parents. Here is what tax experts and chartered accountants are saying about claiming HRA tax exemption for rent paid to family member? ....
Real estate body NAREDCO seeks tax rationalisation, focus on affordable housing NAREDCO chairman Rajeev Talwar said on Thursday that interest on housing loans should be fully allowed under Income Tax Deduction without any ceiling. Share Via Email | A+A A- By Express News Service NEW DELHI: Real estate body NAREDCO has sought further rationalisation of taxes, focus on affordable housing and liquidity measures for the sector in the upcoming budget. Rajeev Talwar, chairman, NAREDCO said on Thursday that interest on housing loans should be fully allowed under Income Tax Deduction without any ceiling. The current limit of interest deduction under Section 24 of IT Act 1961 on housing loan of Rs 2 lakh should be removed to incentivise home buyers and spurring overall demand. Also, loss from house property should be fully allowed to be adjusted against other heads of income. In case of unadjusted loss, it should be fully allowed to be carried forward t ....