Section 24 Of Income Tax Act
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1961 income tax department all acts income tax act 1961.
Section 24 of income tax act. Section 24 of the income tax act tells about such deductions. Section 2 24 of the act defines income to include the following items. The entire interest is waived off as a deduction when the house is on rent.
Amending legislation date of. For section 24 of the income tax act the following section shall be substituted with effect from the 1st day of april 2002 namely. And every one works upon saving tax by the investment that individuals do in relation to house property.
This section is also known as deductions from income from house property. Section 24 of the income tax act deals with interest that an individual pays on home or property loans. Section 24 b of the income tax act 1961 deals with deduction of interest from the gav in order to arrive at the net asset value nav.
Interest deduction treatment is different depending upon whether the house property is self occupied or it is let out. The income tax department never asks for your pin numbers. A great chunk of one s income goes towards home loan emi.
Deductions from income from house property. This particular section is titled deductions from income from house property. So the government has given plenty of tax benefits for house property under section 24 of the income tax act.
Section 24 of the income tax act lets homeowners claim a deduction of up to rs. 2 22 which expands the meaning of the term. Income from house property deductions under house property.
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