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Budget 2020: Falling Property Prices Plus Tax Breaks = A New Hope For Home Buyers
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Budget 2020: Falling Property Prices Plus Tax Breaks = A New Hope For Home Buyers
Publish on : 2020-02-05 16:46:37
New Delhi: For Those Who Have Been Eyeing A Home For Years, 2020 May Be A Good Year To Jump In. Home Loan Rates Are Down, As Are Property Prices. Plus, You Get Tax Breaks. Here'S A Look At How It Gives A New Hope For Buyers. Tax Benefits On Principal Equated Monthly Instalments (Emis) Are Typically Divided Into Principal (The Amount You Take As Loan) And Interest (The Cost Of Servicing The Loan). In Case You Don’T Opt For The New ‘Simplified’ Personal Income Tax Regime, The Principal Is Allowed As A Deduction From Your Gross Total Income (Subject To An Overall Cap Under Section 80C With Other Eligible Investments Of Rs 1.5 Lakh) Tax Benefits On Interest Paid Interest Payable On 'Self-Occupied' Property Is Subject To A Maximum Deduction Of Rs 2 Lakh Under The Head 'Income From House Property'. This Deduction Is Not Available Under The New ‘Simplified’ Personal Income Tax Regime. This Reduces Your Total Tax Liability. . But To Claim This, It Is Essential That Acquisition Or Construction Is Completed Within 5 Years From The End Of The Financial Year In Which The Loan Was Taken, Else The Deduction Will Be Limited To Rs 30,000. An Additional Tax Deduction Of Up To Rs 1.5 Lakh Has Been Introduced For Interest On Home Loan Taken Between April 1, 2019 And March 31, 2021, For Buying A House With Stamp Duty Value Up To Rs 45 Lakh. However, You Should Not Own Any Other Residential Property At The Time Of Sanction Of Loan. If You Still Haven’T Bought Your First Home, Do So At The Earliest. This Deduction Is Not Available Under The New ‘Simplified’ Tax Regime.

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