ACT, 1957 a) Under the Wealth tax Act, 1957, Section 5(1) indicates that an assessee can h in Itanagar, Arunachal Pradesh for sale

UNDER INCOME TAX ACT 1961a) Benefits to the Borrowers of the Housing
Loans: Under second proviso to section 24(b) of the Income tax Act,
1961, a sum of Rs.1,50,000/- is available for deduction as interest
paid on the loan availed for the purpose of acquisition / construction
of the house property after 1st day of April 1999, provided such
construction / acquisition must be completed within 3 years from the
date the capital was borrowed. If the property is acquired /
constructed out of he borrowed amount, the interest on such loan for
the periods prior to the period in which such property has been
acquired or constructed shall be deducted in equal Installments from
the year of construction / acquisition with four immediately succeeding
years.
The above deduction indicated at (i) and (ii) above will
be allowed only when the borrower furnishes a certificate indicating
the amount borrowed and interest payable for the acquisition /
construction of the property. The principal re-payment on the housing
loan is liable for deduction for individuals and HUF to the extent of
Rs. 1,00,000/- under section 80C of the Income tax Act, 1961.
WEALTH TAX ACT, 1957 a) Under the Wealth tax Act, 1957, Section 5(1)
indicates that an assessee can hold one property as a self occupied
property and the same be exempt from eligible assets liable to Wealth
tax. b) If an assessee, holds more than one property, then the second
property for the purpose of Wealth tax has to be valued as per the
Wealth Tax Rules 1958 and the value in excess of Rs. 15,00,000/- is
liable to Wealth tax. However if there is any liability against the
said asset, the same is to be deducted before computing the taxable
wealth. c) If the assessee holds more than one property and the second
property as let out for more than 300 days in previous year, then such
property is not considered as eligible asset for calculation of taxable
wealth.
TAX IMPLICATIONS If the property on which deduction claimed
under section 80C is transferred by the assessee before the expiry of 5
years from the end of financial year in which possession of such
property is obtained by him, then no deduction shall be allowed in the
year of transfer and the deduction already allowed shall be added to
the income of the assessee in the year of transfer and taxed
accordingly.
TAX BENEFITS TO THE COMPANY AND ITS SHAREHOLDERSTo
the Resident Member of the Company B. Under the Income Tax Act, 1961
Dividend Income received from Domestic Companies is exempt under
section 10(34