Category: FAQ

Section 80EE allows tax benefits for first time home buyers. Income tax deduction can be claimed on home loan interest towards your first house property. The  deduction allowed under this section is for interest paid on home loan up to maximum Rs 50,000 per financial year. You can continue to claim this deduction until you have fully repaid […]

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Tax Benefit on Interest Paid on Home Loan u/s 24 of Income Tax Act. Tax Benefit on payment of interest on housing loan is allowed as a deduction under section 24of the Income Tax Act.

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The mere acquisition of property does not attract income tax. However, any income accruing from the ownership of it, in the form of rent (if it is let out)/annual value of the house (if is not let out and it is not the only residential property owned by that person in India) and/or capital gains […]

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The Government of India has granted general permission for NRI/PIO/OCI to buy property in India and they do not have to pay any taxes even while acquiring property in India. … Rental income earned is taxable in India, and they will have to obtain a PAN and file return of income if they have rented this property.

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