Section 24(b) — Home Loan Interest
Definition
A deduction for interest paid on a housing loan against income from house property in India, subject to a cap for a self-occupied property under the old regime.
Related Terms in India GST
TDS on Property (Section 194-IA)
A requirement for a buyer to deduct tax at source on the purchase of immovable property in India above a value threshold, depositing it against the seller's PAN.
Securities Transaction Tax (STT)
A tax levied in India on the purchase and sale of securities such as shares and derivatives on recognised exchanges, collected at the time of the transaction.
Form 15CA / 15CB
Forms used for foreign remittances from India — 15CA is the remitter's declaration and 15CB is a chartered accountant's certificate on the taxability and tax withheld — required for many payments to non-residents.
MSME / Udyam Registration
Registration of a micro, small or medium enterprise in India under the Udyam system, giving access to benefits such as priority lending and protection on delayed payments. Classification is based on investment and turnover.
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