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Standard Deduction – Section 24a
Standard Deduction of 30% of Annual Value is allowed as deduction to every person. Any type of expenses incurred by the assessee for...
Deemed Ownership – Section 27
In the following cases the person is deemed to be owner of the property even if they are not the legal owners of the property:- 1) An...
Deduction of Interest on Housing Loan – Section 24b
Applicable for the financial year 2018-19 and 2019-20 Introduction Section 24b of income tax act allows deduction of interest on home...
Co-ownership – Section 26
Meaning of Co-owner – When the property is owned by two or more person, they are known as co-owners. Taxability If their respective...