Tax Affairs

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Tax Affairs Solved For Buying a New Home

Tax Affairs Solved For Buying a New HomeQuerries related to Tax for buying a new home can cause a bit 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 buy a new house. 

Buying 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.

  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 Value in the Stamp Paper is lower than 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 year) then you can have an exception of that long-term capital. Same goes with 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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