Tax Affairs

Queries related to Tax for buying a new home can cause a bit of trouble. While going through some facts, a slight reading can help you a lot. In this article, we will provide you with a brief about Tax Affairs in relation to buying a new house. Buying a residential property is a long duration investment plan.

Tax Affairs Solved For Buying a New Home

Let suppose you have a budget of 55 to 60Lac & you’re interested in investing in residential property.

  1. From 1st June 2013,  a new edict has been formed. A deduction of 1 percent occurs if you invest more than 50Lac.
  2. If the Value in the Stamp Paper is lower than the acceding value, then the distinction is considered as your income.
  3. A Privilege is given, if a person sells an old house (Owning for more than 3 years) then you can have an exception of that long-term capital. The same goes for assets & shares sales.
  4. Knowledge of wealth tax is mandatory.
  5. Any loan taken for buying the residential property can help you claim the deduction to max at 1.5Lac.

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