|
| |
|
|
| |
|
|
| |
How
to plan your
FIRST HOUSE?
Buying a home offers
a lot of tax advantages; make sure you don’t miss out on them |
|
| |
Read On
1. Before you buy
If you
are buying your house for the first time, Make sure
you take the help of a Lawyer to check on your documents
before you buy. Obtain an encumbrance certificate from
the relevant Register Office and ensure the property
is free of any holdings.
|
|
|
|
| |
| |
2.
Financing your house
Picking a loan to fund your house would be a good idea.
Any interest you pay on a Housing Loan is deductable
from the taxable income. Make sure you take help from
an Investment consultant in planning the tenure of the
house and the interest option. ( Banks generally offer
a Fixed rate or a Floating Rate )
3.
Qualifying for the tax deduction
If you have let out the property, you qualify to the
full amount. If you decide to occupy the house yourself,
you qualify to a maximum of Rs. 1,50,000/- on your Interest
payment. Your principle repayment goes towards fulfilling
the balance of 80C deductions. Further, If you have
let out your house, you can claim deductions on Municipal
Taxes, Water Taxes and other Property Taxes. Make sure
you pick your Interest Certificate and the Tax Receipts
at the end of the year. |
|
|
|
|
| |
|
|
|
| |
|
|
