In poll-mode Uttar Pradesh, local RSS and BJP leaders had been going into a panic over an electoral backlash if there was no respite from the currency crunch. But their prayers have been answered. The RBI has reportedly flown in Rs 5,000 crore worth of high-value currency notes to the capital, Lucknow. The cash arrived days ahead of PM Narendra Modi’s December 19 rally in Kanpur, his sixth in UP, and seems to have temporarily eased the crunch. Which explains why ‘helicopter money’ is the new buzzword in the state’s power corridors. principal payment is eligible for deduction of up to Rs 1.5 lakh under Section 80C. The effective interest rate goes down after claiming the deduction.
For example, a Rs 25 lakh loan (@10 per cent interest for 20 years) will have an annual interest outgo of Rs 2.50 lakh. Adjusted for the Rs 2 lakh tax benefit under Sec 24, the effective cost of interest becomes 7.5 per cent for an individual in the 30 per cent tax bracket. But, if your annual interest outgo is over Rs 2 lakh, it makes sense for you to repay loan as you won’t get any tax break on the interest paid over and above Rs 2 lakh.
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the tax advantage is huge. 8,00,000 subscribers to 5 million by next December. The magazine’s format has changed, all pages are now in colour and there are new sections devoted to the Modi government’s achievements, organisational activities etc.