Save Big On Your Buying Home With These Tax Benefits
Purchase a property, but don’t stop there. Look at ways to minimise costs both throughout the purchase and loan repayment phases. Indians and their calendar of lucky days They were meant to be together. Indians with their frugal ways make an even better combination. Furthermore, even though a lot of people would be excited to reserve or move into their new property. Money-saving tips would be weighing heavily on their minds. Here’s a simple guide if you’re also pulling out your calculator to see where you might save money.
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Second-time owners: Sections 80C and 24 still allow you to deduct expenses. If you are an existing homeowner and want to purchase another property.
Perks for women: Although there aren’t any particular perks for female homeowners. They are still eligible for all of the aforementioned deductions. Additionally, a few state governments provide female property owners with a minor stamp duty benefit.
State and federal governments offer a number of housing schemes that offer up to Rs three lakh in housing subsidies in addition to tax deductions. One may also investigate the same.
Expanding on the tax benefits available to buyers who want to rent out their property,
- Interest deduction without limit: As stated in Section 24(b), if the house is rented out rather than occupied. The amount of interest on the home loan that can be subtracted from the rental income is unlimited. This is a big advantage for real estate investors.
- Standard deduction of 30%: Homeowners are entitled to a standard deduction for maintenance, repairs. And other expenses of 30% of the net yearly rental value (rent received fewer municipal taxes), regardless of the actual cost.
- Deduction for municipal taxes: If the property taxes are paid to the municipal corporation during the year that they are claiming the deduction. They can be subtracted from the rental income.
Exemptions for female homebuyers
If a woman is listed as the owner of the property, the majority of Indian states waive the stamp duty;
Women can get cheaper interest rate house loans from several banks. The average interest rate on house loans for women is usually 50–100 basis points higher. (A percentage point is equivalent to a 100-basis point);
If a man and his wife jointly own a property, the wife may apply for a house loan as a co-applicant. The ability for both spouses to claim tax deductions on their individual salaries under Sections 80C, 24 and 80EE and 80EEA is one advantage of this;
The government has mandated that every property purchased through PMAY be registered in the name of at least one woman residing in the household;
Women who take out a housing loan through the credit-linked subsidy scheme (CLSS) of the flagship project additionally benefit from interest rate discounts;
On home loans up to Rs six lakh, women borrowers from the economically disadvantaged section & low-income group (LIG) categories are eligible for an interest rebate of 6.5%;
Developers provide exclusive discounts, freebies, & flexible payment plans during festivals and special occasions (such Women’s Day, Gudi Padwa, etc.) in an effort to draw in female homebuyers.
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