Tax deductions that can benefit me?

The following payments are eligible for rebate from tax to the extent of 20% of a maximum of Rs 20,000 (i.e. maximum rebate is up to Rs 4,000 p.a.). U/s 88 of the Income Tax Act.

Any installment or part payment of the amount due under any self-financing scheme of any development authority, housing board etc. engaged in construction and sale of house property or any installment or part payment of the amount due to any company or cooperative society of which the assesse is a shareholder or member towards the cost of the house property allotted to him; or repayment of the amount borrowed by the assesse from:

1) The Central or State Government

2) Any bank (including cooperative bank)

3) The Life Insurance Corporation of India

4) The National Housing Bank

5) Any Housing finance Company approved by National Housing Bank for the purpose of refinance.

6) Any public company or co-operative society that is engaged in business of financing construction of houses.

7) The assessee’s employer where such employer is a public company or a public sector company or a university established by law or a college affiliated to such university or a local authority or a co-operative society.

8) Any of the above for payment of Stamp duty, registration fee and other expenses for the purpose of transfer of such house property to the assesse.


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