World house info gives great and wide information of the houses built with passion and fashion in mind. By passion we mean the famous historical houses that exhibited art, pride and varieties.
- Purchasing a house in the name of your friends by applying your own funds means that you are using her as a name-lender and this amounts to a 'benami' transcation, which is illegal. - The solution for loss from house property has a drawback.The normal income is Rs.1,72,000 and the loss from the property is Rs.20,000. The total net income works out at Rs. 152,000. This being less than Rs 160,000, the minimum tax threshold, no tax is payable. - Loan taken after taking possession of the house is not taken for house purchasing. Hence it will not attract any tax benefits associated with the loans for housing. - In case of joint loans, both of them will be able to claim 100 percent of the concessions separately, if and only if, their individual share in the property and also in the loan is defined and ascertainable. - The entire interest on house loans taken is admissible when the property is not self-occupied whereas the deduction for self-occupied property is restricted to Rs. 30,000 or Rs. 1,50,000.
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