Saving on taxes or leveraging the tax benefits is something, which is often overlooked by home buyers. Unawareness is the sole reason behind this. Hence, if you are planning to buy a property in Ghaziabad, you must go through an entire guide or procedure that highlights how you can get tax benefits on home loans.
All you need to do is to keep track with all the deductions (as mentioned under) that must be claimed, in order to grab the tax benefits – 1. Principal Repayment Under this deduction, you are allowed to claim a maximum deduction of Rs. 1.5 lakhs. But, make sure you are aware of all the terms and conditions to claim this deduction. You need to assure that the property is not sold within 5 years of its ownership. 2. Joint Home Loan In the case of a Joint Home Loan, you can claim a maximum deduction of Rs. 2 lakh each, for Home loan interest, while 1.5 lakh each can be claimed for principal repayment. A very specific condition to claim for this deduction is that property for which loan was taken, should have co-owners. Those having joint home loans with family can get larger tax benefits. 3. Registration and Stamp Duty Charges Under section 80C, one can claim deduction for registration and stamp duty charges, besides principal repayment. A maximum limit of Rs 1.5 lakhs can be claimed. However, you can claim the amount in the year of the payment of expenses. 4. Interest Paid On Home Loan Under section 24, you can claim for the deduction on the interest paid on home loan. The EMI paid on the home loan has an important portion or component known as interest, which can be claimed as deduction from the total income of the buyer. As per the section, one can claim for a deduction of almost 2 lakh INR. In this case, it should be noted that the loan must be taken for either construction or purchase of a new home. So, if you are planning to purchase ready to move flats in Ghaziabad, you must keep all such points in mind, claim the deductions and leverage from the varied tax benefits that most of the smart buyers are enjoying, at present. Constructing or purchasing even 1 bhk flat in Ghaziabad can sometimes be a daunting and expensive task. But, if you keep such deductions in mind, you can surely grab a worthwhile deal.
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March 2020
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