I am 24year Old person and my Salary is 9.6LPA with 96k Variable Bonus and PF deduction would be 6.8k/Month I have a PPF account in which I transfer 30k/year and There is loan going on 35lacs with 50% partnership I will be paying House rent of 10k/month. How do I save Tax and invest some money for better return.
No.....If you are a co-owner of the property and are repaying the entire loan then you will be eligible for 100% tax benefits under section 80C and section 24. These sections provide you with tax deductions of 1.5 lakhs on interest payments and 2 lakhs on principal repayments respectively.
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TDS on Sale of Property - I understand the liability to deduct tax is on the buyer. I have following questions -
1. If I pay 1% of sale consideration as TDS to Gov, then should I pay the seller only 99%?
2. At the time of registration, do I need to pay TDS on entire sale consideration or only on the installments paid so far?
Yes for both questions.After deduction of TDS on the amount, it is to be deposited to Central Government within a period of 30 days from the end of the month in which deduction is made and it should be accompanied by a statement in Form 26QB.
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