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| *The Commerce Journal>>>India Taxes |
Is PMI going to be tax deductible for houses purchased in 2008? whatever the salary is? |
OK for the first 3 answers, Thanks for that... is there a specific salary range where the rule for tax deduction is not applicable..? Your question is in Indian Taxes. So I will answer it with Indian Tax point of view. The monthly installments paid to bank/institutions are called EMI. All the installments paid after the house purchase, will have tax benefits. The portion of interest in EMI is can be claimed as deduction up to Rs.1,50,000 per year. The principle portion in the EMI can be claimed as deduction U/s 80C up to Rs.1,00,000 per year. These are the two benefits available in India. That has yet to be decided by Congress. It was approved as deductible for fiscal 2007, but not beyond. Pre-emi ' interest ' is deductible in 5 equal installments. But it is limited under the exemption of interest up to Rs.150000/-. It is not year specific. |
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