Here are some of the exclusive income tax benefits to own a house as per the Finance Budget 2017-18

1 – House Loan Deduction under Section 80C

The very first tax benefit that comes to your mind is the house loan deduction. When you purchase a house for residential purpose and avail a loan for the same, the IT department gives you a deduction of INR 1, 50, 000 (upper cap) for loan repayment. This means that if you are paying a monthly installment of INR 10, 000 per month towards house loan, you would be getting a deduction of INR 1, 20, 000 while computing your payable tax. However, do make a note that the residential property should not be sold before 5 years from the date of possession, else the benefits would be reversed.

2 – Deduction for payment of Registration Chargers and Stamp Duty

Apart from availing deduction for repayment of house loan, the IT Department also lets you claim a deduction in respect of expenses such as registration charges, stamp duty, etc. This benefit is only available in the year of acquisition. The amount would be claimed under Section 80C and the upper cap would remain at INR 1, 50, 000.

3 – Deduction for interest paid on house loan [Section 24(b)]

Another opportunity lies in Section 24(b). Section 80C lets you grab a deduction in respect of repayment of house loan and Section 24(b) lets you claim a deduction for the interest paid on house loan. Unlike Section 80C, even if you sell your house within 5 years of its acquisition, there would be no tax reversal. An available deduction is INR 2, 00, 000.

4 – Benefit granted in Budget 2017

In the latest budget, the Finance Minister of India announced that an additional deduction of INR 50, 000 would be available to new house owners. Section 80EE would offer the additional deduction provided the cost of a house is not greater than INR 50, 00, 000 and the loan sanctioned amount is not more than INR 35, 00, 000. The deduction is only available if the loan is availed from a house finance company or a financial institute.

Download Automated Income Tax preparation Excel Based Software All in One for Central & State Govt Employees for the Financial Year 2017-18 & Assessment Year 2018-19 as per the latest Income Tax Slab for F.Y.2017-18.[ This Excel Based Utility can prepare both of Central & State Govt employees Tax Computed Sheet + Individual Salary Sheet + Individual Salary Structure as per the Central & State Govt Employees Salary Pattern + Automatic Calculate the H.R.A. Exemption + Automatic Form 16 Part A&B and Form 16 Part B for F.Y.2017-18]

Main Data Sheet

Cental & State Govt Employees Salary Structure

Income Tax Computed Sheet

On June 06, 2017 by www.taxexcel.net

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Here are some of the exclusive income tax benefits to own a house as per the Finance Budget 2017-18

1 – House Loan Deduction under Section 80C

The very first tax benefit that comes to your mind is the house loan deduction. When you purchase a house for residential purpose and avail a loan for the same, the IT department gives you a deduction of INR 1, 50, 000 (upper cap) for loan repayment. This means that if you are paying a monthly installment of INR 10, 000 per month towards house loan, you would be getting a deduction of INR 1, 20, 000 while computing your payable tax. However, do make a note that the residential property should not be sold before 5 years from the date of possession, else the benefits would be reversed.

2 – Deduction for payment of Registration Chargers and Stamp Duty

Apart from availing deduction for repayment of house loan, the IT Department also lets you claim a deduction in respect of expenses such as registration charges, stamp duty, etc. This benefit is only available in the year of acquisition. The amount would be claimed under Section 80C and the upper cap would remain at INR 1, 50, 000.

3 – Deduction for interest paid on house loan [Section 24(b)]

Another opportunity lies in Section 24(b). Section 80C lets you grab a deduction in respect of repayment of house loan and Section 24(b) lets you claim a deduction for the interest paid on house loan. Unlike Section 80C, even if you sell your house within 5 years of its acquisition, there would be no tax reversal. An available deduction is INR 2, 00, 000.

4 – Benefit granted in Budget 2017

In the latest budget, the Finance Minister of India announced that an additional deduction of INR 50, 000 would be available to new house owners. Section 80EE would offer the additional deduction provided the cost of a house is not greater than INR 50, 00, 000 and the loan sanctioned amount is not more than INR 35, 00, 000. The deduction is only available if the loan is availed from a house finance company or a financial institute.

Download Automated Income Tax preparation Excel Based Software All in One for Central & State Govt Employees for the Financial Year 2017-18 & Assessment Year 2018-19 as per the latest Income Tax Slab for F.Y.2017-18.[ This Excel Based Utility can prepare both of Central & State Govt employees Tax Computed Sheet + Individual Salary Sheet + Individual Salary Structure as per the Central & State Govt Employees Salary Pattern + Automatic Calculate the H.R.A. Exemption + Automatic Form 16 Part A&B and Form 16 Part B for F.Y.2017-18]

Main Data Sheet

Cental & State Govt Employees Salary Structure

Income Tax Computed Sheet

On May 17, 2017 by www.taxexcel.net

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In his Budget 2017 speech, Finance Minister Arun Jaitley proposed to reduce the existing rate of taxation of those with income between Rs 2.5 lakh to Rs 5 lakh from 10 per cent to 5 per cent.

Finance Minister Arun Jaitley on Wednesday tabled the Union Budget for the year 2017-18 where he announced in personal income tax limits. The move which is much appreciated is aimed at softening the impact on demonetisation. Here is you can use the financial calculator to know your Income Tax slabs, rates, and rebates post-Budget 2017.

Download All in One Income Tax preparation Excel Based Software for Central & State Employees for the Financial Year 2017-18 & Assessment Year 2018-19 as per the Finance Budget 2017 [ This Excel Utility have all the amended tax section and new tax slab]

1) This Excel Utility can prepare at a time Tax Compute Sheet + Individual Salary Structure as per Central & State Salary Pattern + Calculate Automatic House Rent Exemption Calculation U/s 10(13A) + Automatic Form 16 Part A&B and Form 16 Part B for F.Y.2017-18)

2) Automatic Convert the amount into the In-Words.

3) All Amended Income Tax Section have in this Utility.

4) Income Tax Slab Rate have in this Utility as per Finance Budget 2017-18,

In his Budget 2017 speech, Finance Minister Arun Jaitley proposed to reduce the existing rate of taxation of those with income between Rs 2.5 lakh to Rs 5 lakh from 10 per cent to 5 per cent.

According to the new figure, a person with a taxable income (after deductions such as Section 80C etc) of Rs 3.5 lakh will pay a tax of Rs 2575 as against Rs 5150, which was paid earlier. Also, persons with taxable income of over Rs 5 lakh to Rs 50 lakh will have to pay Rs 12875, which also included the cess saved.

However, those who are earning over Rs 50 lakh to Rs 1 crore will be paying a flat surcharge of 10 per cent on the total tax payable by them. For example, if a person is earning Rs 60 lakh annually he/she has to pay Rs 1,45,204 additional tax due to the surcharge.

Those who have an income of over Rs 1 crore would continue to pay the surcharge of 15 per cent but would get the meager benefit of saving Rs 12,875 (including saving of chess but excluding the saving on surcharge). For example, if a person has a gross income of Rs 1.2 crore will pay Rs 29,65,706 as taxes including surcharge and cess against Rs 39,80,512, which was payable earlier.

Income Tax Slab & Rate as per Union Budget 2017 for the Financial Year 2017-18 & Assessment Year 2018-19

Income Slab	Tax Rate
Income up to Rs 2,50,000	Nil
Income up to Rs 2,50,000/- to Rs 5 lakh	5 per cent
Income up to Rs 5 lakh to Rs 10 lakh	20 per cent
Income more than Rs 10 lakh	30 per cent
Income more than Rs 50 lakh	30 per cent + 10 per cent surcharge
Income more than Rs 1 crore	30 per cent + 15 per cent surcharge

On April 27, 2017 by www.taxexcel.net

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