total jobs On FinancialServicesCrossing

103,347

new jobs this week On EmploymentCrossing

618

total jobs on EmploymentCrossing network available to our members

1,474,712

job type count

On FinancialServicesCrossing

Saving Tax with Loans in India

0 Views
What do you think about this article? Rate it using the stars above and let us know what you think in the comments below.
Summary: "Saving Tax" on your income is always a spot of interest for each one of us and why not when there is a legal way?

"Saving Tax" on your income is always a spot of interest for each one of us and why not when there is a legal way? Saving Tax is easier under Indian Income Tax Act if one opts for the home loan. There are two sections of Indian Income Tax which allow you to avail this benefit. 1) Indian Income Tax Act 1961, Section 24 (B) 2) Indian Income Tax Act 1961, Section 80 (C..) If proper investments are made then you can get a total deduction of Rs. 2.5 lacs per year. Under section 24, one can save up to Rs. 1.5 Lacs and under section 80 save up to Rs. 1 Lacs. The Section 24(b) of the Income Tax Act, 1961 is applicable on Home loan for purchase of house or construction of the house property. You can avail a deduction of up to Rs. 1,50,000 of you total tax liability, Also reconstruction or renewal or repairs is eligible for deductions under the said section. The Section 80(c) of the Income Tax Act, 1961 allows you a deduction of up to Rs. 1,00,000 on the principal repayment amount. Example Suppose your total taxable income is Rs. 6,00,000. Hence now your total taxable income becomes only (6 - 2.5 - 1 Lacs) and that saves a lot of money! With property rates increasing at 300% an year, literally tripling your asset worth in an year, makes investment in property a nice avenue for "guaranteed profits" on investments. To make it even better you can save on taxes if you purchase a property for self -- through the loan mechanism. Saving Tax is legal and has never been easier.
If this article has helped you in some way, will you say thanks by sharing it through a share, like, a link, or an email to someone you think would appreciate the reference.



I was very pleased with the FinancialServicesCrossing. I found a great position within a short amount of time … I definitely recommend this to anyone looking for a better opportunity.
Jose M - Santa Cruz, CA
  • All we do is research jobs.
  • Our team of researchers, programmers, and analysts find you jobs from over 1,000 career pages and other sources
  • Our members get more interviews and jobs than people who use "public job boards"
Shoot for the moon. Even if you miss it, you will land among the stars.
FinancialServicesCrossing - #1 Job Aggregation and Private Job-Opening Research Service — The Most Quality Jobs Anywhere
FinancialServicesCrossing is the first job consolidation service in the employment industry to seek to include every job that exists in the world.
Copyright © 2024 FinancialServicesCrossing - All rights reserved. 21