Tax Benefits

Tax Benefits

When buying a property with loans from specific financial institutions, tax authorities provide certain benefits and exemptions from tax payments.

Section 24 of the Income Tax Act states that an investor is allowed to deduct an amount equivalent to the total interest payable on the housing loan from his/her taxable income within the same financial year. If an investor were to take a loan, he/she would receive a deduction of up to 1.5 lakhs on the interest rate paid. The only concern is that the property would have to be bought or constructed within 3 years from the end of the financial year in which the loan was taken and would have to be self-occupied.

According to Section 80C of the Income Tax Act: A deduction u/s 80C (2) (xviii) is available on repayment of the principal during a financial year of up to Rs. 1,00,000/-, this aforesaid limit is within the overall limit of Rs 1 lakh, specified in section 80C of the Income Tax Act. Stamp duty, registration fee or other such expenses paid for the purpose of transfer of such house property to the assessee is also considered under this amount. This deduction is taken from the Gross Total Income.

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We are currently updating our website towards compliance of newly introduced real estate law i.e. the Real Estate (Regulation and Development) Act 2016 and the Rules made there-under (“RERA”), which have been brought into effect from 1st May, 2017.

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We request you to get in touch directly with our sales representatives, please do not rely on any information contained on this website, until the revision and updation is complete. By accessing this website, the user confirms that the information including brochures and other marketing collaterals on this website are for informational purposes only.The same is applicable from 1st May 2017 onwards.

We shall get back to you soon with an updated website, as we are yet to receive a RERA Registration Number.