A home of one's own is a dream held by millions in our country. Apart from being a shelter, a house is a bankable asset that can reap multiplied income either through selling or renting it. As it is a worthwhile and lucrative investment, it is bound taxable by the department of revenue. However, the government has initiated several income tax benefits, tax reforms and tax exemptions throughout the years to promote the "Housing for all by 2022" scheme to bring in affordable housing in India.
Even in this age To attract home buyers, the government has provided income tax benefits based on ownership as well as based on loans availed. These are as follows :
|Section 80 c||
|Section 24 b||
|Section 80 EE:||
This section covers the repayment of the principal amount of Home Loans. You can only avail up to Rs 1. 5 Lakhs and that too if you have completed the construction of the property. You will are not to sell off the house for 5 years if you are to avail the same and if you do sell the property then the deduction under section 80c will be reversed and added to your annual income tax. Stamp Duties and Registration fee can be claimed back under this section.
Repayment of interest of a home loan for construction, renovation or purchase of a self-occupied home is eligible for tax deductions up to Rs 2 Lakhs P.A.When it comes to Let-out Homes (not self-occupied), tax deductions have NO LIMITS meaning they can be claimed for the entire interest amount.
From the Financial Year 2016-2017, properties exceeding construction time of five years from the end of the financial year in which the home loan was availed can now avail only Rs 30,000 which was Rs 2 lakhs previously.
This section caters to the first time home buyers who have taken a loan amount below 35 lakhs and between 1 April 2016 and 31 March 2017. You can also avail of an interest deduction up to Rs 50,000 a year.
Based on homeownership, there are many provisions for tax exemptions if the property or the house is held under joint ownership.
If the House is under joint ownership, both the parties can qualify for tax exemption up to 2 lakh per year under the Income Tax Act of 1961.
If the house is let out or given out for rent and the rental income is divided between the owners, they can qualify for the tax exemption up to 2 lakhs under the property loss slab.
The sale of a house and the capital gains derived from it is taxable, however, if the individual buys another property in the same or stipulated time, then the invested amount can be reduced from the capital gains. If the property is under joint ownership, then both parties can benefit from the same.
Often home buyers miss out on income tax benefits because of the lack of information. The amount an individual can save is very huge, it has ample knowledge of income tax procedures. However one should be careful when filing for tax returns and tax reductions as the wrong information can severely affect our tax returns.
Get the Latest News and Updates Of Indian Real Estate
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Everything in India is a state of constant flux; maybe that's why we Indians became one of the most adaptable and cosmopolitan people in the world!
If the nation's elements are shifting its focus, how can real estate be any different? Indian Real Estate Sector is perhaps one of the most dynamic ones in the entire world. Since the Real Estate in India is yet to be organized entirely, the variations in one segment affect another in ways difficult to comprehend.
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On every one of our real estate blogs, we research vigorously, write creatively, carefully compile, and thoughtfully curate the best real estate blogs, especially for you, from India's best content writers and contributors.