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   What is section 24 of the Income Tax Act?

   • Section 24 of the Income Tax Act deals with interest that an individual pays on home or property loans. This particular section is titled 'Deductions from income from house property'. The deductions available are loan interest and standard deduction.

   Section 24 - Income Tax Deductions from House Property - BankBazaar

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   What are section 24 tax deductions?

   • Under section 24, deductions on the sum amount are available to homeowners who are not under the loan. Section 24 of the Income Tax Act also allows buyers to take advantage of the tax benefits even if they paid for their home with cash or any other source rather than taking out a loan.

   Section 24 of Income Tax Act - Deduction, Exemption, Tax ... - NoBroker

   www.nobroker.in/blog/section-24-of-income-tax-act/

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   What is section 24(b) – deduction from income from house property?

   • Section 24 (b) – Deduction from Income from House Property on interest paid on housing loan & housing improvement loan. In case of self- occupied property, the upper limit for deduction of interest paid on housing loan is ₹ 2 lakh. However, this deduction is not available for person opting for New Tax Regime.

   Salaried Individuals for AY 2024-25 | Income Tax Department

   www.incometax.gov.in/iec/foportal/help/individual/return-applicable-1

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   What is the maximum amount exempt under new finance bills 2023?

   • The maximum amount exempt has been increased to Rs. 25 lakhs as per the New Finance Bills, 2023, and the amount exceeding will be taxable. Unlike the new tax regime, deductions and exemptions are allowed under the old tax regime, which gives taxpayers the benefit of paying lower tax liability.

   6 Ways to Save Income Tax On New & Old Tax Regime for FY 2023-24 …

   cleartax.in/s/income-tax-savings

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2. cleartax.in › s › deductions-under-section24-incomeSection 24 - Tax Deductions From House Property Income - ClearTax

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   The government offers tax benefits under Section 24 for income from house property. Taxable income includes rental income, deemed let-out properties, self-occupied property annual value. Deductions include municipal tax, standard deduction, interest on home loan.

3. taxguru.in › income-tax › exemptions-deduction-newExemptions & Deduction under New Tax Regime for FY 2023-24 ...

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   Apr 16, 2024 · Explore the exemptions and deductions allowed under the new tax regime for FY 2023-24 (AY 2024-25). Learn about the options available to taxpayers and make informed decisions to optimize tax efficiency.

4. www.incometax.gov.in › iec › foportalSalaried Individuals for AY 2024-25 | Income Tax Department

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   The Finance Act 2023 has amended the provisions of Section 115BAC w.e.f AY 2024-25 to. make new tax regime the default tax regime for the assessee being an Individual, HUF, AOP. (not being co-operative societies), BOI and Artificial Juridical Person.

5. cleartax.in › s › income-tax-savings6 Ways to Save Income Tax On New & Old Tax Regime for FY 2023-24

   cleartax.in › s › income-tax-savings

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   Aug 6, 2024 · Section 24(b) allows for tax exemption on the interest portion of a house loan up to Rs 2 lakh per year. Furthermore, if you rent out the newly purchased home, the entire interest component is deductible from your rental income.

6. www.nobroker.in › blog › section-24-of-income-tax-actSection 24 of Income Tax Act - Deduction, Exemption, Tax ...

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   Aug 7, 2023 · This article deals in detail with deduction under Section 24 of the Income Tax Act, interest on housing loans under Section 24, pre-construction interest deduction under Section 24, and many other topics.

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7. www.99acres.com › articles › section-24-of-incomeSection 24 of IT Act: Tax Deductions for Homebuyers (2023)

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   Jan 12, 2023 · Section 24 of the Indian Income Tax Act 1961 lets you claim an exemption up to Rs 2 lakh. More sections in the Income Tax Act benefit homebuyers. Check out if you are also eligible for claiming such subsidies under Section 24 and Section 80C of the Income Tax Act. By Surbhi Gupta Research Analyst.

8. www.bankbazaar.com › tax › section-24-of-income-taxSection 24 - Income Tax Deductions from House Property

   www.bankbazaar.com › tax › section-24-of-income-tax

   Section 24 of the Income Tax Act deals with interest that an individual pays on home or property loans. This particular section is titled 'Deductions from income from house property'. The deductions available are loan interest and standard deduction.