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A BRIEF VERSION OF THE ESSENTIAL MEANING OF PERSONAL TAX TO WATCH OUT FOR

 

Home loans holders:

With the accessibility of home loans, investing in house property is a remarkable venture. If the property is self-occupied then the interest on home loan allowed:  with a deduction of up to two lakh. In cases, where an individual owns more than one house the interest is fully allowed if the property has been let out. However, in some cases it might result in a loss according to tax laws, under the head “Income from house property”. The loss could be set off fully against income under other heads – such as salary income, during that particular financial year. Now, there is a cap of two lakh for set off such loss from house property, against other heads of income. The unabsorbed loss carried forward and set off over a period of eight years, but such adjustment is possible only against income from house property. 

Professionals:

Social service oriented professionals such as Doctors or Advocates, or even those engaged in occupations, like Fitness Trainers or Beauticians, have the authority now to invest up to 20% of their gross total income in the National Pension Scheme (NPS). This would result in a tax deduction from their taxable income. However, here is the twist, which states that the overall limit of aggregate should be standing in investments worth 1.5 lakh.

National Pension Scheme (NPS):

Taxes attracted just by withdrawals from National Pension Scheme. Forty per cent of the total amount standing in a persons’ credit in the NPS is not taxable on closure or counting out of the scheme. From April 1, 2017, the employees’ contribution on partial withdrawal is tax- free up to 25%. While investments made by self-employed personalities in NPS provided with a fillip, the benefits on withdrawal are available only to the salaried. 

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