Finance Budget 2009

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Interest on borrowed fund for self-occupied property

Source :www.simpletaxindia.net Interest on borrowed capital for self-occupied property The maximum amount of interest permissible in cases of  self-occupied property is Rs 200000 wef Ay 2015-16 (Rs.1,50,000 up to AY 2014-15) (in respect of funds borrowed on or after 01.04.1999). Please note that there is no upper (maximum) limit for interest on house loan claim for let out house property of deemed to be let out house property. If person have more than one house then only one house may be treated as self-occupied. Where a person has occupied more than one house for residential purposes, only one house, as chosen by him will be treated as ‘self-occupied’ and all other houses will be deemed to be let out .In regard to one house treated as used for own residential purposes throughout the year, Section 23 (2) (a) prescribes that annual value of such house shall be taken to be nil, if the conditions mentioned below are satisfied: •the property (or part thereof) is not actually let during w…
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DEDUCTION ON REPAYMENT OF HOUSE LOAN UNDER SECTION 80C

Source :www.simpletaxindia.net
DEDUCTION ON REPAYMENT OF HOUSE LOAN UNDER SECTION 80C 1. Deduction for house loan /instalment available up to Rs 150000/- under section 80C (earlier limit was Rs.100000 /-) 2. The limit of Rs 150000 as above is total limit u/s 80C for all type of savings, plus section 80CCC(pension policy) plus u/s 80CCD (Contributory Pension Plan). Means the aggregate amount of deduction under above referred sections cannot exceed Rs. 1,50,000. 3. The payment of loan should be made towards cost of purchase/construction of new residential house property. 4. The house property income should be assessable in the hand of assessee in simple term assessee should be the owner of the house property. 5. The house loan should not be for addition or alteration to,or renovation or repair of house property 6. House construction must be completed before the end of the previous year (read details here) Completion of house means 1. completion certificate in respect of the house prope…
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NRI -Business in India

Business in India

NRI can operate or invest in Indian Business in the following ways:

· Branch/Liaison office with prior permission from RBI (profits of the Branch can be fully repatriated).

· Indian company which is 100% wholly owned subsidiary/ Joint Venture on repatriation and non-repatriation basis without permission of RBI in most of the sectors. For investments on repatriation basis, the prohibited sectors include retail trading, domestic wholesale trading and print media besides a few others.

· Partnership/ Proprietary business on non-repatriation basis (income is on repatriation basis) in any activity except in agriculture, plantation and real estate (except real estate development) without permission from RBI.

It is very important to note that now even the sale proceeds of investments held on non-repatriation basis can be repatriated up to USD 1 million per calendar year.
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