Archive | Income from House Property

Budget 2017: Set off benefits of loss from house property restricted to Rs 2 lakhs.

In Union Budget 2017 the government has restricted the set off of loss from house property against other heads of income to Rs 2 lakhs. This amendment will majorly affect taxpayers who have availed a loan for a property which they have rented out, resulting in a significant tax outgo.  Let us see how. Impact for interest […]

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Form 12BB: New rules for investment proofs and tax declaration by employees

The income tax department has specified some new rules for tax declaration by employees. A new Form 12BB has been released. Your tax declarations for FY 2016-17 must be provided as per the details listed below. This change is applicable from 1st June 2016. Employee have to submit declaration of investments, deductions and exemptions they want […]

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Tax benefits on home loan interest in FY 2016-17

We have already discussed home loan tax benefits available in financial year 2015-16(assessment year 2016-17). You can read them in detail here. NEW: BUDGET 2017 update: Reduction in tax benefit on home loan interest for rented property. Read all the details here Budget 2016 brought some tax related changes for home buyers applicable from financial year […]

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