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Sai Krupa Building 3rd Floor,304, Manjari-Hadapsar

Solapur-Pune Hwy Right Side Near SagarInn Hotel Pune

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TAX BENIFIT

TAX BENIFIT

When you buy a property with loan,some benifits and exemptions from tax payments will be provided by authorities of certain financial institution. According to the section 24 of the Income Tax, an investor can deduct an amount equivalent to the total interest payable on the housing loan from his/her taxable income within the same financial year and the only thing that the buyer should have in mind is that the property should be bought or constructed within 3 years from the end of the financial year in which the loan was taken. It Should also be self-occupied Section 80c of Income Tax Act states that a deduction of u/s 80c (2) (xviii) is available on repayment of the principal during a financial year up to Rs.150000/- and this limit is within the overall limit of Rs.150000/-. Stamp duty, Registration fee and other expenses paid for the purpose of transfer of house property is also considered under this amount. It will be deducted from the Gross Total Income.