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Deductions Interest Payments U/S 24 2022

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  Deductions from income from house property U/S 24 Income chargeable under the head “Income from house property” shall be computed after making the following deductions, namely: a sum equal to thirty percent of the annual value 79(b) where the property has been acquired, constructed, repaired, renewed, or reconstructed with borrowed capital, the amount of any interest payable on such capital: Provided that in respect of property referred to in sub-section (2) of section 23, the amount of deduction 80[or, as the case may be, the aggregate of the amount of deduction] shall not exceed thirty thousand rupees : Provided further that where the property referred to in the first proviso is acquired or constructed with capital borrowed on or after the 1st day of April 1999 and such acquisition or construction is completed within five years from the end of the financial year in which capital was borrowed, the amount of deduction 81[or, as the case may be, the aggreg...
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wealth creation

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  What is wealth creation? Wealth creation refers to building wealth through a variety of methods using financial products. When you invest in financial products for a long period, you get back higher returns. Hence, it is an essential part of your financial journey to achieve all your long-term financial goals like your dream house, your child's education, and much more.  One cannot create wealth by just earning more money. You have to invest your savings to create a parallel stream of income. This process of investing your saved money to grow your wealth by choosing investments that align with your financial goals is called wealth creation.   For sufficient wealth creation, apart from choosing the right investment, you also have to give your investments sufficient time to grow. You need to maximize the benefit of compounding by investing as early in life as possible. Early starters have the opportunity to stay invested longer, which makes it easier for them to reac...
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T.D.S ON SALE OF IMMOVABLE PROPERTY 2022

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Section - 194IA, Income-tax Act, 1961-2022 Payment on transfer of certain immovable property other than agricultural land. 1.   194-IA.  (1) Any person, being a transferee, responsible for paying (other than the person referred to in section 194LA) to a resident transferor any sum by way of consideration for transfer of any immovable property (other than agricultural land), shall, at the time of credit of such sum to the account of the transferor or at the time of payment of such sum in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier,  deduct an amount equal to one   percent  of such sum   [or the stamp duty value of such property, whichever is higher , ]  as income-tax thereon. (2) No deduction under sub-section (1) shall be made where the consideration for the transfer of an   [ immovable property and the stamp duty value of such property, are both, ]   less than fifty   lakh rupees. ...
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