Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: articles on VAT and GST in India :: VAT Audit :: empanelment :: cpt :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: ACCOUNTING STANDARD :: due date for vat payment :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4%
 
 
General »
 Companies should invest in upgradation of tax technology
 Top House tax writer suggests measures to mitigate the impact of the border tax
 Consumer goods distributors, wholesalers to bear the brunt of GST
 GST classification woes to continue
 There will be no tax on farm or agriculture income
 RBI, Income Tax Acts to be amended for electoral bonds, Jaitley says
  Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016
 I-T zeroes in on Mumbai trader in first crackdown after demonetisation
  Tax queries answered by Dilip Lakhani, Senior Chartered Accountant
 Income Tax Department Failed To Unearth Black Money Despite Information
 Govt filing twice as many cases as private cos in Supreme Court

Raise tax sop on loan interest payment
February, 11th 2010

The Budget 2010-11 should increase the tax exemption limit against the interest payment on home loan and rental income , said real estate companies on Thursday.

As per the present provisions under the Income-tax Act, an individual gets a tax deduction of up to Rs 1.5 lakh against interest payment on home loan. The industry, in a pre-Budget meeting with FM Pranab Mukherjee, demanded that this limit must be increased to at least Rs 3 lakh to give a fillip to construction activities.

The industry also demanded for increasing the limit of Rs 1 lakh against the principal repayment on home loan to Rs 2 lakh and make this benefit a separate category, instead of current practice of making it a part of Section 80C, which is already overcrowded. The companies argued that this would encourage people to purchase houses.

They also demanded for incentives to promote rental housing.

"In view of the housing shortage in the country and the objective 'Shelter for All' and in view of the fact that not all can afford ownership housing, we need to give a big boost to rental housing," the memorandum given by the companies said.

The delegation included Kumar gera of Gera Developer , Pradeep Jain of Parsvnath , Sushil Ansal of Ansal Group and Getambar Anand of ATS, among others.

The industry wanted that income from renting of residential properties be taxed at a flat 10% instead of the present norm of taxing at marginal rate of 30% (if the person falls in maximum slab).

Besides this, they also demanded that only 50% of the rental income should be taxed as against the present provision of 70%. For women and senior citizens, they demanded that entire rental income should be exempted from tax.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Company Search Engine Optimization Company US SEO Local SEO Company Website SEO Company Alabama SEO Company Alaska SEO Company Arizona SEO Company Arkansas SEO Company California SEO Company Colorado SEO Company Connecticut SEO Company Delawa

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions