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Calculators FAQs

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What is the tax rate for ₹60,000 salary per month?

  • Posted:4th February, 2025
  • Updated:4th February, 2025
The income tax rate on a monthly salary of ₹60,000 will depend on the income tax regime chosen by the individual.
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How ₹7.5 lakh income is tax-free?

  • Posted:4th February, 2025
  • Updated:4th February, 2025
In Budget 2023, the finance minister introduced a new simplified tax regime under which taxpayers with an annual income of up to ₹7 lakhs will not have to pay any tax.
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Is ELSS taxable after 5 years?

  • Posted:4th February, 2025
  • Updated:4th February, 2025
Equity-linked Savings Schemes (ELSS) have a mandatory lock-in period of 3 years. Investments withdrawn before 3 years face penalties.
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What are the prepayment and foreclosure charges associated with LAP EMIs?

  • Posted:4th February, 2025
  • Updated:4th February, 2025
Most loan providers permit prepaying or foreclosing your loan against the property before the tenure is completed; however, certain penalty charges apply.
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What happens if I miss an EMI payment for my loan against property?

  • Posted:4th February, 2025
  • Updated:4th February, 2025
Missing an EMI payment for your loan against property can lead to serious consequences.
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Are there any tax benefits associated with a loan against property EMI?

  • Posted:4th February, 2025
  • Updated:4th February, 2025

There are limited tax benefits available on the EMI of a loan against property.

Salaried individuals can claim tax deduction up to ₹2 lakhs under Section 24(b) on the interest portion of EMI, if the loan is taken for acquiring a self-occupied residential property.

Business owners can claim the interest portion of EMI as a business expense under Section 37(1) for tax deduction if the loan is taken for business purposes.

However, no tax deduction can be claimed if the loan against property is taken for purposes like travel, education, marriage or medical treatment.

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What is the average return in 10 years for ELSS?

  • Posted:4th February, 2025
  • Updated:4th February, 2025
Equity Linked Savings Schemes (ELSS) are a type of mutual fund that provides tax savings under Section 80C of the Income Tax Act.
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