Latest Answer: Hi Manju, Women living on rent can avail house rent allowance exemption on their taxable income. If the female taxpayer is living on rent and has any type of income from any source and she does not own a house, in that situation she enjoys a tax deduction in terms of section 80GG of the Income-tax Act, 1961 subject to 25 per cent of her income but restricted to the sum of Rs 2000 per month.
Latest Answer: Hi,
The Budget 2015 has been discharged within which several tax laws connected proposals were created by the finance minister. Some realty trade participants are in their favour and a few feel they'll impact the property buyers pocket. These embody, termination of wealth tax, additional deduction u/ 80CCD of Rs 50,000 (this is over and above the Rs 150,000 deduction available) on NPS contributions, company tax rate to be reduced to 25 per cent over next 4 years from the current 30 per cent, increase in commission tax to 14 per cent from 12.36 per cent.
