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.
Let suppose you have a budget of 55 to 60Lac & you’re interested in investing in residential property.
- From 1st June 2013, a new edict has been formed. A deduction of 1 percent occurs if you invest more than 50Lac.
- If the Value in the Stamp Paper is lower than the acceding value, then the distinction is considered as your income.
- 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.
- Knowledge of wealth tax is mandatory.
- Any loan taken for buying the residential property can help you claim the deduction to max at 1.5Lac.
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