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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« General »
 Income Tax efiling: Must-do steps to file your IT return for FY 2017-18 on time till you get Form 16
 What are the tax filing deadlines for financial year 2017-18?
 How income tax department can penalise you for under-reporting, misreporting income
 Start your tax planning right now
 Government confident of meeting fiscal deficit, tax revenue targets
 Clarification with respect to the E-way Bill System
 Here is how you can save on taxes
 Here’s all you should know about filing Income Tax Return before March 31
 Tax benefits continue to accrue even after PPF a/c is transferred to another bank
 When you may have to visit income tax department’s compliance portal
 India’s GST among most complex in world, and it is 0% tax rate that is hurting the idea

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 2018 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