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Tax and GST Benefits for the home buyers

All investment either residential, commercial or retail are subjected to be taxed under income on the property. Properties that are self-occupied, rented property, inherited properties and various other types of properties attract tax under income tax regulations. Even the vacant or un-occupied property is treated as the self-occupied property under the income tax guidelines. 

Real estate sector is already subjected to Service tax and VAT (Value Added Tax) along with the recently added GST (Goods and Services Tax). Under the GST regulation, construction of civil structures and complex buildings is subjected to 12% tax. Housing projects which are meant for the selling to the home buyers are also subjected to 12% tax. The luxury housing property is exposed up to 12% of GST. GST rates have been collected on the renting the home. The affordable housing projects are exempted from the GST. If the project has received Occupancy Certificate (OC) then, no GST will be applicable to the project.

Sobha Dream Gardens
Sobha Dream Gardens - Bangalore
Construction materials like cement, steel, sand and iron also attract GST hence the property amount also rises. So before investing have a clear idea and invest on a RERA approved property for more benefit. Buy the BDA approved Sobha dream Gardens,Bellahalli Bangalore built as per RERA for the best of investment.

Under which section you can claim the tax

Various tax deduction sections are set by the Government keeping mind the different types of buyers and their situation. Tax claiming the sections under the income tax rules are as follows:

Section 24: You can avail tax deduction of up to Rs 2 lakh under section 24 and can be claimed on the interest component of home loan repayment. This tax benefit under this section can be availed only if you reside in the property. Section 24 even is applicable even if the property is vacant. you can claim benefit on the entire interest of the home loan, If you have rented out the property. If the home loan is taken jointly with your family member, both of you can enjoy the tax benefit up to 2 Lakh each.

Pradhan Mantri Awas Yojana: first time home buyers can get home loans at a comparatively lower rate of interest under Pradhan Mantri Awas Yojana. Pradhan Mantri Awas Yojana is one of the initiatives by the Government of India to encourage home buying among the citizens. first time home buyers/investors also can avail the decreased GST too from the government under this scheme. 

Section 80C: Section 80C lets the person avail tax deduction of up to Rs 1.5 lakh on repayment of the principal component of the home loan. The tax deductions can be availed under Section 80C only of you are purchasing or constructing a new home. 80C does not let you sell the property for 5 years if you are claiming tax benefit under this section. It also lets you claim tax deductions on. registration charges, stamp duty, along with other miscellaneous expenses related to the transfer of property in your name.

Section 80EE: Provides tax benefit up to Rs.50,000 for first-time homeowners. You can avail tax deduction under Section 80EE only if the total loan amount is below 35 Lakh and the value of the house is not more than Rs 50 Lakh. Section 80EE is only applicable if you have no previous home loan other than the availed home loan. Association of persons (AOP) or a company and Hindu Undivided Family (HUF) cannot enjoy this benefit under this section. If you are a first-time property buyer, you can rent the property under Section 80EE. 

You can avail some deduction on the stamp duty too. Deduction of Stamp duty & registration charges can be availed under Section 80C. The maximum amount of 1,50,000 can be claimed under Section 80C. there are different stamp duty and registration charges for the male and female buyers.

Tax benefitting Sobha Dream Gardens, Bangalore

Affordable housing solution the Sobha Dream Gardens consists of 1/ 2Bhk apartments that are 100% Vaastu compliant for a comfortable stay. Sobha dream gardens is spread over 18 acres of land and is aimed to create a mega township. Sobha dream gardens includes 10 towers with Ground + 23 floors configuration for the spacious spacing of the units.
Invest in Sobha Dream Gardens today and avail tax exemption!!
Sobha Dream Gardens|Residential Project in Bellahalli


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