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Sanjeev Govila |458 Answers |Ask -Follow

Financial Planner - Answered on Jan 22, 2024

Colonel Sanjeev Govila (retd) is the founder of Hum Fauji Initiatives, a financial planning company dedicated to the armed forces personnel and their families.
He has over 12 years of experience in financial planning and is a SEBI certified registered investment advisor; he is also accredited with AMFI and IRDA.... more

Question by Nitish on Jan 03, 2024Hindi

Money

Hi sir I have purchased a house and have put it rent...i have taken home loan for the purchase of this house...how much rebate can i get in tax for my rental income as well as interest on home loan

Ans: These are the deduction you can claim on the rental income and Home loan –

1. Rental Income Deductions (Section 24(a)):
Claim a standard deduction of 30% from your gross rental income before applying any other deductions. This effectively reduces your taxable income from rental activity.

2. Home Loan Interest Deductions (Section 24(b)):
Enjoy tax relief for the interest paid on your home loan for a let-out property. Claim the entire interest amount as a deduction, minimizing your overall tax burden.

3. Home Loan Principal Repayment Deductions (Section 80(C)):
Utilize a deduction of up to Rs. 1.5 lakhs for the principal portion of your home loan repayment. This further reduces your taxable income and offers additional tax savings.

Disclaimer: While these deductions offer considerable benefits, consulting with a qualified financial advisor before making any financial decisions is always recommended.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Question by Kalyan K Mitra - Feb 03, 2023Hindi

If I have a flat already.For the 2nd flat purchase if I take loan .Can i claim for 2 lakh rebate for an year for interest Paid .

Ans: Hello Kalyan

As a financial advisor, I would advise you to consult a chartered accountant for specific tax planning advice. They have expertise and in-depth knowledge of tax laws and regulations and can provide you with personalized strategies to minimize your tax liability. I can assist you in creating a comprehensive financial plan, but for tax planning, it is best to consult a tax professional.

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Sir, I am an Engineer working in a MNC in Bangalore. As per my CTC I am getting HRA but I am staying in rented house paying rent Rs. 23,000/- monthly. Sir, Am I eligible to get incometax exemption/ rebate on rent being paid by me. Kindly advise.

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Question by Shakir - Apr 10, 2023Hindi

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Hi sir hope alls well with you. Sir i am a 75 year old lady having 2 bhk flat in south mumbai. I hav given it on rent to my sons 2 kids. A boy and girl . Both are salaried indiviuals in corporate sector. Boy is giving me rent of 49,500 per month annually 5,94,000. And claming HRA. Girl is giving me rent of 20,000 per month annually 2,40,000. And claming HRA. So my annual rent received is 8,34,000. Can i claim 30 percent standard deduction on rent of upto 2,50,200.

Ans: Yes, you can offer rent income of Rs.8,34,000 on property owned by you and claim standard deduction of 30%.

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Hello, I'm about to finish my third year in b.a. in economics, I want to earn money with a settled job for my parents. I'm confused rn, I want to prepare for SSC CGL, and earn good, but I fear of taking a gap after my graduation, since my college is very strict towards attendance and load is too much thus I don't want to go there again for my pg, idk if I should do private MBA or ma in economics or any other diploma in computer related or finance related course while simultaneously doing my preparation since I don't want to do nothing while sitting at home.(Btw I'm from Agra and it's getting hard for me to find good college where I can do my Master's in economics non-regular mode in reasonable fee)

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Asked by Anonymous - Nov 06, 2024Hindi

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Question by Unnikrishnan - Jan 30, 2025Hindi

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Asked by Anonymous - Jan 29, 2025Hindi

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Im afarid to express my love to a women. She is very good looking and much more than that she had a good character. But the main problem arises is she is 171cm and I'm 165cm. I'm afraid may be I will get rejected. I love her so much. Should i I leave her and move on. And one thing also i don't even talk to her, I'm afraid to talk. Can you give some tips to talking also

Ans: Dear Anonymous,
I understand your concern but how will you know whether height is an issue for her until you go ahead and speak to her? If you are worried about confessing your feelings for her directly, it's best you take things slow. Anyways, people are more likely to take such confessions on a positive note if they know the person.

You can start with a Hi, followed by letting her know that you have seen her around quite a few times. You can ask her what she does, and other general questions. Don't do it all in a single day; try building rapport slowly. This way you won't be putting too much pressure on yourself or on her.

Best Wishes.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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