Tax benefit on different types of loans
Did you know that you can claim tax deduction on loans depending on where the money is being utilised?
The equated monthly instalment (EMI) of a loan has two components- principal and interest. You can claim tax deduction against the principal repayment and payment of interest of the loan. These components qualify for tax deduction under two separate sections of the Income-tax Act, 1961. Under section 80C of the income-tax Act, you can claim the principal repayment amount, and the interest repayment amount can claimed under section 24(b).
If you have taken a personal loan and it is used to purchase a house, you can claim tax benefit on it as well.
If you have taken a loan to pursue higher education, the interest repayment is tax deductible under section 80E. Higher education includes any course pursued after the senior secondary examination or its equivalent from a recognised school, board or university or any other authorised authority.
Do keep in mind that unlike in a home loan or a personal loan taken to buy a house, the principal repayment of an education loan will not qualify for tax benefits. But you can claim deduction for the entire interest paid for the first eight years or until the interest is fully paid, whichever comes earlier.
Top 10 Tax Saver Mutual Funds to invest in India for 2016
Best 10 ELSS Mutual Funds in india for 2016
1. BNP Paribas Long Term Equity Fund
2. Axis Tax Saver Fund
3. Franklin India TaxShield
4. ICICI Prudential Long Term Equity Fund
5. IDFC Tax Advantage (ELSS) Fund
6. Birla Sun Life Tax Relief 96
7. DSP BlackRock Tax Saver Fund
8. Reliance Tax Saver (ELSS) Fund
9. Religare Tax Plan
10. Birla Sun Life Tax Plan
Invest in Best Performing 2016 Tax Saver Mutual Funds Online
For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call
------------------------------
Leave your comment with mail ID and we will answer them
OR
You can write to us at
PrajnaCapital [at] Gmail [dot] Com
OR
Leave a missed Call on 94 8300 8300
------------------------------
Popular Posts
-
Buy Gold Mutual Funds Invest Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Call 0 94 83...
-
Invest Birla Sun Life Debt Funds Online Scheme The Average Maturity Of Complete Portfolio YTM Mark to Mkt Modified ...
-
Bajaj Allianz Life has launched Young Assure, a non-linked, participating plan to help people fund their children's education....
-
Buy Gold Mutual Funds Invest Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Call 0 94 8300 83...
-
Birla Sun Life Mutual Fund has announced dividend under the dividend option of Birla Sun Life MNC Fund. The quantum of dividend shall b...
-
Invest Mutual Funds Online Download Mutual Fund Application Forms Buy Gold Mutual Funds Gold Savings Funds An int...
-
Top SIP Funds Online The government of India has paved the way for the launch of India's first corporate bond ETF called as Bharat B...
-
Top SIP Funds Online Mirae Asset Focused Fund (MAFF ) is a new fund from the stable of Mirae Asset Mutual Fund. It is an open-ended ...
-
Buy Gold Mutual Funds Invest Mutual Funds Online Download Mutual Fund Application Forms Call 0 94 8300 8300...
-
Invest In Tax Saving Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Buy Gold Mutual Funds Ca...
Posts
0 comments:
Post a Comment