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Home loan interest portion is deductible (under section 24 (b)) up to 150,000 rupees in a tax year for acquiring or constructing a property. The deduction is available only when the construction is complete or the owner takes possession of the property. Interest of pre-construction period is deductible in five equal installments.
Property tax exemption. A homestead exemption is most often on only a fixed monetary amount, such as the first $50,000 of the assessed value. The remainder is taxed at the normal rate. A home valued at $150,000 would then be taxed on only $100,000 and a home valued at $75,000 would then be taxed on only $25,000.
The financial cost of driving adds up. According to research from AAA, a person who drives a small sedan 10,000 miles per year will pay $16.60 every single day to keep their car on the road. That ...
The payment card interchange fee and merchant discount antitrust litigation is a United States class-action lawsuit filed in 2005 by merchants and trade associations against Visa, Mastercard, and numerous financial institutions that issue payment cards. The suit was filed because of price fixing and other allegedly anti-competitive trade ...
Key takeaways. Credit card interest is not tax-deductible for personal expenses. The government stopped allowing a tax deduction for credit card interest in the 1980s. Interest on student loans ...
Depending on factors such as personal wealth, tax bracket, home cost, permanent residence location and related fees, you can be anywhere from 10% to 90% exempt.
Here are three tax-deduction strategies that investors may be able to use for the 2018 tax year: Use capital losses to offset income. Deduct investment interest expenses.
Internal Revenue Code 170 (e) (1) (A) provides: (e) Certain contributions of ordinary income and capital gain property. (1) General rule The amount of any charitable contribution of property otherwise taken into account under this section shall be reduced by the sum of –. (A) the amount of gain which would not have been long-term capital gain ...