I've taken Mortgage loan- home loan IDBI, can i claim for tax deduction?
Answers: It depends. If you have mortgaged your house for the purpose of obtaining a loan for the purpose of purchase of House or Flat, then the loan interest* and repayment* of principle amount is deductible from taxable income. If the mortgage is for other purposes, then no tax deductions or exemptions allowed.
* Loan interest allowed as deduction under the head Income from house property up to Rs. 1,50,000 per financial year.
* Falls u/s 80C and maximum deduction allowed is 1 lakh per financial year.
find something at http://credit-guide.com.cn/
In the UK how much would £20,000 pa mean in your hand after all the dreaded tax deductions? Thanks guys. :o)?
Answers: About £1,200 per month...ish
Its about £1,220 per month, and about £14,500 per annum. Will obviously vary from person to person with tax codes etc. Take off 20% of your earnings and that is usually about right.
Is the 2008 rebate based upon Gross or Adjusted Gross?
Answers: All references to the rebates I've seen mention Adjusted Gross.
Apparently adjusted gross income.
If say, you make $80000 (and wouldn't qualify for much) but put $5000 into an IRA and $2000 into an HSA, you would pull your AGI down to $73,000 which would qualify.