Income Tax

Section 80D

Section 80D

Deductions under Section 80D can be claimed in respect of medical insurance premiums.  This is different in the case of Individuals and Hindu Undivided Families. Section 80D deductions in case of an Individual Deduction in respect of insurance premium paid for family A deduction to the extent of Rs. 25,000 is allowed in respect of …

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House Property deductions under Section 24B

House Property deductions under Section 24B of the Income Tax Act

What is a House Property? A house property means a building or buildings with lands connected thereto.  It includes any superstructure that is capable of getting occupied, and the building must be the most prominent part of the said property comprising of land and building. A house property under the Income Tax Act includes flats, …

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