lodha central manpada dombivli

                                      

                                                    Lodha Central 

Lodha central manpada dombivli Most people have a dream of owning a home. The state and federal governments of India have introduced a number of housing programmes to assist individuals in realising their dreams, including the Pradhan Mantri Awaas Yojana (PMAY), NTR Urban Housing Scheme, and the Maharashtra Housing and Area Development Authority (MHADA) programme.

A house loan from Lodha Central can assist you in lowering your income tax obligations in addition to making the home-buying process simpler and more reasonable. The Income Tax Act of 1961 contains a number of sections that the Indian government has used to grant tax exemptions on house loans. To learn more about the specific tax advantages of a house loan, keep reading.

1. Tax advantages on the interest portion of a mortgage

The principal component and the interest component make up a mortgage loan. The repayment of both of these elements is included in the Equated Monthly Instalments, or EMIs, that you pay for your mortgage.

You may deduct from your taxes the amount you paid as mortgage interest under Section 24 of the Income Tax Act. In accordance with this law, a particular financial year's maximum tax benefits are limited to Rs. 2 lakhs.

It should be emphasized that self-occupied homes are eligible for the aforementioned tax savings on the interest portion of a mortgage. Even if you have obtained mortgage loans for two homes, one of which is occupied, The total tax deduction that you may claim under Section 24 cannot exceed Rs. 2 lakhs in a given fiscal year, whether it be for yourself, your spouse, your parents, or your children.

2. Tax advantages in the principal portion of a mortgage

Lodha central dombivli You can profit from tax advantages when repaying the principal portion of a house loan in addition to tax deductions on the interest component of a mortgage. The amount repaid as house loan principal during a financial year may qualify for tax exemptions under section 80C of the Income Tax Act. The highest annual tax benefits allowed by this provision are Rs. 1.5 lakhs.

The tax advantages of house loans under this clause, meanwhile, are only applicable under specific circumstances. First, the taxpayer must have owned the property for at least five years, and second, the taxpayer must live in the home by themselves.

In addition to paying back the loan, If you paid stamp duty and registration fees to register your home, you can also claim one-time tax deductions under section 80C for that sum. The maximum tax deductions you can take advantage of under this section are limited to Rs. 1.5 lakhs.

3. Tax advantages for new homeowners

By taking out a home loan to pay for your first home in India, you may be eligible for additional tax benefits of up to Rs. 50,000 under section 80EE of the Income Tax Act. However, the following four requirements must be met in order to receive tax benefits under this section:

• You shouldn't borrow more than Rs. 35 lakhs for a home loan.

• Your home shouldn't be worth more than Rs. 50 lakhs.

• On the day the loan is sanctioned, you should not own any real estate for habitation in India.

• You ought to have applied for a mortgage loan during the 2016–2017 fiscal year.

4. Additional tax advantages when purchasing a modest home

Into section 80EEA of the Income Tax Act, you may be eligible for an extra tax deduction of up to Rs. 1.5 lakhs if you took out a home loan to buy a home that falls under the affordable housing category. If you repay the interest portion of your house loan in excess of the section 24 deduction cap of Rs. 2 lakhs, you are eligible for this deduction.

This means that you can deduct up to Rs. 3.5 lakhs from the repayment of the interest component of the home loan you took out to acquire a home under the affordable housing category in a given financial year.

How do I claim tax advantages for a mortgage loan?

To purchase any residential property owned by the Lodha Group (central dombivli) in the Mumbai Metropolitan Region (MMR), you may apply for a Lodha home loan. In addition, there are a few straightforward measures you can take to receive tax benefits on your mortgage:

Make sure your housing property is fully occupied as a first step. Step 3: Claim the tax deductions determined in Step 2 while filing your income tax returns. Step 2: Determine the total amount that you can claim as tax deductions on house loans under various sections of the Income Tax Act. Step 2: You should also be the owner or co-owner of the property (ITRs). You might also have to provide the necessary paperwork in order to claim tax deductions on the home loan.

The advantages of income tax deductions for mortgage loans can increase savings and reduce the overall cost of buying a home. Use a home loan tax benefits calculator online if you're unsure how to calculate the tax benefits on your mortgage.

The Lodha home loan offers lower EMIs up to 2024* and a fixed 6.99% interest rate if you want to purchase a reasonably priced home in Mumbai. Click here to determine the EMIs for your lodha manpada home loan.

* Limited-time deal. T&C apply