Are you in the process of paying income tax? You can buy a home loan without any idea and own a house. How?
These are just four of the things you will need to pay off in your home loan - the leftover housing rent you can afford, the drop in the market, the reduction in home loan interest rates, and the tax benefits that are available.
The house is a free connection model, taking into account the value of the house in the future. After all, you can be relaxed by putting your foot on the floor when you have your own home. No one will tell you to go to bed.
The only living thing is your paradise on earth. Remember to write a will before going to heaven. One thing. Doesn't the government usually give a free party like that? Why should we buy a house? Is there anything inside this?
Construction of a house creates a basic requirement for 250 types of businesses (from TMT wires to cement) A house leads to an average of 1050 working days. This provides employment opportunities for millions of informal workers, namely, brothers. He is able to meet one of the three basic needs of man at great expense.
Thus the government is implementing schemes like Pradhan Mantri Jantan Yojana to encourage home buying. For the same reason, for home loans, you are tax deductible under several sections of the Personal Income Tax Act.
Be careful when choosing the new Income Tax Option Plan (Option II) announced by the government by 2020. In a few years it will shatter your motivation for saving.
Tax Benefit on Housing Loan:
You can buy a home loan for any purpose of buying / building a home.
The construction of the house should be completed within 5 years from the end of the borrowed financial year. If you are making an EMI for a home loan, it has two components - interest repayment and principal repayment.
Interest tax deduction on home loan:
The interest portion of the loan EMI can be deducted up to a maximum of Rs 2 lakh from your gross income under Sec24. This is a great offer.
Tax deduction of up to Rs. 2 lakhs on interest paid if you have settled at home for your own use.
This upper limit is not available if the house is rented out. But under the category of House Property (House Property) the total offer is only Rs 2 lakh.
You can get this exemption from the year the construction of the house is completed.
Construction is not yet complete. But is there an offer to pay interest on a home loan?
If you had bought an apartment in an apartment in Chennai in 2018–19, they probably would not have finished building it yet and given you the keys. But you are paying EMIs. What is the offer in this case?
This type of interest is called pre-construction interest. This interest (maximum limit of Rs. 2 lakhs) can be availed in five equal installments starting from the year of construction.
What is the tax deduction in case of repayment of original:
Exempted under EMI -Section Section 80C. Maximum amount up to Rs. 1.5 Lakhs. But the house should not be sold within 5 years. If so, the tax deduction you received in the previous years will be deducted and added back to your income in the respective years.
Concession on Stamp Duty, Registration Fees:
Exemption for Stamp Duty and Registration Fees can be claimed under Section 80C of the same overall limit up to Rs.1.5 lakhs. This tax concession can only be claimed in the year in which the tax and registration fees are paid.
Additional tax benefit under Section 80EEA:
This is an additional tax benefit. This is to be completed by March 2020. They have extended this as a corona offer. The value of the house should not exceed Rs. A maximum of Rs. There should be no other house in your name, mainly on the date of
borrowing.
If the couple agrees to take a home loan in their own name, they can get a tax deduction of up to Rs 2 lakh each for the interest on the home loan and up to Rs 1.5 lakh each for the principal. This is a super matter. Both must be co-owners of the property to avail this privilege.
It would be even better if the government announced a separate offer for a home loan purchased in the name of the couple.
