There’s a good news for first time buyers looking to invest in a real estate property. If you’re young, earning and in your early 20s, this is the best time for you to invest in the real estate sector and avail tax exemptions of up to Rs 2 lakh on your ‘self-occupied’ property. Whether you’re planning to buy a new house or have already purchased a flat, you can now claim tax deduction on your total income by linking it to your investment.
As per the current tax policy, interest payable on 'self-occupied' property is subjected to a maximum deduction of Rs 2 lakh under section 'Income from House Property'. You can avail this benefit even if you’ve taken loan from your present employer or company, by producing a certificate from your employer specifying the interest payable. Under the new tax policy, you can also book an apartment which is under construction and claim deduction of total interest paid during the pre-delivery period in five equal instalments starting from the financial year you acquired your flat. One thing to keep in mind in both the instances is that the construction should be completed within three years from the date of sanctioning of the loan, failing which the deduction allowed will be limited to Rs 30,000 only.
For the first-time buyers, additional benefit was given by the Government of India for the financial year 2013-14. The one-time deduction allowable from the total income with the limit of Rs 1 lakh, if not utilized in the FY 2013-14, will be made available for use in FY 2014-15. The condition applied to avail the additional benefit is that the loan amount should be up to Rs 25 lakh and total house value up to Rs 40 lakh. Also, the loan should be sanctioned in financial year 2013-14 only.
With the Reserve Bank of India (RBI) cut the interest rates by 25 basis points and favourable condition for Income Tax saving, the time seems ripe to buy new residential property in Noida and Delhi. Looking at the positive cues, the Unnati Fortune Group brings you one of its most prestigious residential projects in Noida – The Aranya. Spreads over 18 acres of prime land, The Aranya is located in the fully inhabited sector 199 of Noida, and offers two and three bedroom luxury apartments with all modern amenities and breath-taking view.
Mr. Anil Mithas, Chairman & Managing Director at The Unnati Fortune Group says that while the RBI prohibits banks from levying any foreclosure amount if you pay off your loan much before the stipulated time, the new I-T law provides you with benefits to save much of your income tax on your first time purchase.
For more information Visit Us : http://www.unnatifortune.com/
As per the current tax policy, interest payable on 'self-occupied' property is subjected to a maximum deduction of Rs 2 lakh under section 'Income from House Property'. You can avail this benefit even if you’ve taken loan from your present employer or company, by producing a certificate from your employer specifying the interest payable. Under the new tax policy, you can also book an apartment which is under construction and claim deduction of total interest paid during the pre-delivery period in five equal instalments starting from the financial year you acquired your flat. One thing to keep in mind in both the instances is that the construction should be completed within three years from the date of sanctioning of the loan, failing which the deduction allowed will be limited to Rs 30,000 only.
For the first-time buyers, additional benefit was given by the Government of India for the financial year 2013-14. The one-time deduction allowable from the total income with the limit of Rs 1 lakh, if not utilized in the FY 2013-14, will be made available for use in FY 2014-15. The condition applied to avail the additional benefit is that the loan amount should be up to Rs 25 lakh and total house value up to Rs 40 lakh. Also, the loan should be sanctioned in financial year 2013-14 only.
With the Reserve Bank of India (RBI) cut the interest rates by 25 basis points and favourable condition for Income Tax saving, the time seems ripe to buy new residential property in Noida and Delhi. Looking at the positive cues, the Unnati Fortune Group brings you one of its most prestigious residential projects in Noida – The Aranya. Spreads over 18 acres of prime land, The Aranya is located in the fully inhabited sector 199 of Noida, and offers two and three bedroom luxury apartments with all modern amenities and breath-taking view.
Mr. Anil Mithas, Chairman & Managing Director at The Unnati Fortune Group says that while the RBI prohibits banks from levying any foreclosure amount if you pay off your loan much before the stipulated time, the new I-T law provides you with benefits to save much of your income tax on your first time purchase.
For more information Visit Us : http://www.unnatifortune.com/