| Topic : What one should know about Home loans |
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Micro finance and sustainable development
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Activity:
18 views;
last activity : 07 06 2010 20:18:09 +0000
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Amount paid to society
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Finance schemes
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Focal Point
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I found home loans smoother to my pocket because of
this main reason. Any installment or part payment of an amount due to any
company of which the assessee is a shareholder, or to any co-operative society
of which the assessee is a member, towards the cost of a house allotted to him.
This amount is my lifeline as it gives me the right of deduction.
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Totally agreeing to the above point, it is indeed a benefit. In addition to
this any payment to government Re-payment of an amount borrowed from the
Central or State Government, a bank, Life Insurance Corporation, or any public
company formed and registered in
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Any installment or part payment of an amount due under any self-financing
scheme, or any scheme of any development authority, housing board or any other
authority which is engaged in the construction and sale of houses on ownership
basis. Such amounts are allowed for deduction. Hence they come beneficial.
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I am not a tax expert. But still I know that the deduction is allowed only to individuals and Hindu Undivided Families. Other categories of assesses are not entitled to this. The rebate is for payments made for purchase or construction of a house. The amount allowed for deduction includes stamp duty, registration fee and other expenses for the purpose of transfer of the house. |
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