Let us have a detailed look at these home loan tax benefit sections- 1. Tax Benefits on Home Loan Under Section 80C Under Section 80C of the IT Act, you can claim tax deductions on the principal amount you repay to your lender. This deduction is also applicable to the registration and ...
At DBS Treasures, you can invest in Equity-linked Savings Schemes and get a tax benefit under section 80C of the Income Tax Act. Under an ELSS, your funds are handled by fund managers and also have tax benefits. Under Section 80C of the Income Tax Ac...
Tax Benefit under Section 37(1): Tax deductions under Section 37(1) are applicable when the loan amount is used for business purposes. You can claim tax benefits on the interest charges, processing fees, as well as documentation fees that you would incur as a business expenditure. ...
Benefit Within Section 80C:Within Section 80C, it essentially permits an exemption for any life insurance premium until Rs 1.5 lakh each year. This sum likewise would also include the premium that is paid for the child or the spouse. The policy that has been issued either on or after 2012;...
offering a range of deductions that can significantly lower your tax liability. Among the various investment options under this section, Tax Saving Fixed Deposits stand out for their guaranteed returns and secure nature. To fully benefit from these deductions, it is important to understand the rules...
Under Section 80CDeposits with PPF Rs.1,50,000 Under Section 80DMedical Insurance Premium paid Rs.22,000 Total Deductions from Taxable Income Rs 172000 Total taxable income3,41,000 Tax payable on income 4100 Less: Tax Credit 2000 (Available only to Individual Resident assessees having total ta...
Invest online in long term equity fund, an open ended ELSS with a statutory lock-in of 3 years and tax benefit. To know more about the best tax saving mutual fund, visit PGIM India website.
also getting good returns, choosing a ULIP would be a win-win situation for you. You can also benefit from many other features of a ULIP plan, such as fund switching, partial withdrawal, and top-ups. The premiums you pay for a ULIP is eligible for tax deduction under the Income Tax ...
Investing in ELSS Funds makes you eligible for a tax deduction of up to Rs 1.5 lakh under Section 80C of the Income Tax Act. In this way, you can reduce your tax liability as the amount invested by you gets deducted from your taxable income. Risk-Return Potential ELSS Funds carry a ...
80C. So for example the two co-owners have equal share in property and are co-borrowers and repay a total principal of Rs 3.5 lakh, i.e. Rs 1.75 lakh each, then they can claim a maximum benefit of Rs 1.5 lakh each under Section 80C as that is the limit of the available deduction...