HOW TO CALCULATE INTEREST FREE /CONCESSIONAL LOAN ...

If Interest free or concessional Loan is given to employee (or to any member of his household ) is chargeable to tax as a perquisite to the employee.All employees are Covered under this scheme whether Govt /semi Govt/private ,specified /Non specified .

Meaning of Member of House Hold"member of household" shall include--

(a) spouse(s),

(b) children and their spouses,

(c) parents, and

(d) servants...

Read more

Date: 2017-02-27 22:28:16

Related topics : india bank loan interest rates / bank loan interest rates / india bank loan interest calculator / interest rates loan / bank loan interest calculator

INTEREST ON HOUSE LOAN- INCOME TAX ACT | SIMPLE TAX INDIA

Interest on borrowed capital is allowable as deduction on accrual basis (even if account books are kept on cash basis) if capital is borrowed for the purpose of purchase, construction, repair, renewal or reconstruction of the house property.

The following aspects concerning claim for deduction of interest are to be kept in view:

Read more

Date: 2017-02-27 22:28:16

Related topics : loan mortgage interest