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Tax Saving Options For Home Buyers – Engineers Horizon

Buying a home is a big decision and it depends on many factors including price, location, and resale value. 

Income -tax benefits for first time home buyers : For first-time homebuyers, income tax benefits can be availed under three sections including Section 80 C, Section 24, and Section 80 EEA of the income tax act. Under these three sections, you can avail home loan benefit of 5 lakhs annually.

Income -tax benefits for second-time home buyers : If you are a second-time home buyer, and already own a property then tax benefits under section 80 EEA cannot be claimed. Under section 80C Rs 95,000 can be claimed along with  Rs 55,000 against stamp duty paid in the first year and Rs 2,00,000 under section 24. 

Exemption on the  principal: Against the repayment of the principal amount, a homebuyer can claim up to 1.5 lakhs as tax deduction under Section 80 C. However, the property must have been under the possession of the owner for at least 5 years. If the sale procedure takes place within 5 years of its possession then the deduction claimed will be included back in the taxable income. 

No specific benefits for women investors: A woman can claim the benefits of income tax exemptions similar to a man under the above-mentioned law. In some states, a women investor has the benefit of 1%-2%on stamp duty. 

Tax- benefits on joint purchase : If husband and wife purchase the property jointly, then both can claim tax benefits in their individual files. However, actual deduction benefits cannot surpass the actual amount paid.

Exemption on Interests : According to Section 24 of the IT Act, a homebuyer can claim a tax benefit of up to Rs 2 lakhs against the interest paid towards the home loan. 

Exemption on stamp duty : According to Section C of the IT Act, a home buyer can claim deductions against legal charges on stamp duty and registration. However, construction of the property should be complete and the purchase is done for self-use.

Subsidized GST rates : The government of India is offering subsidized GST rates to investors from Low Income Group ( LIG), Middle Income Group ( MIG), and economically weaker sections. Also, homebuyers are liable to get an interest subsidy through the Credit- Linked Subsidy scheme. 

Budget 2019 Updates : A home buyer is eligible for tax exemption under Section 54 of the IT Act if they sell one property and the capital gain is invested in buying another property. However, the capital gain should be up to 2 crores and once in a lifetime.

Summary : Are you a first-time homebuyer or buying for the second time? If you want tax benefits there is tax sop for both first-time and second-time home buyers. Owning a home is a priceless achievement. If you are looking to invest in real estate then check out Bonheur in Wakad by Engineers Horizon. Equipped with amenities and conveniences, homes in Bonheur are worth investing in. 


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