Onyx Groups is the Top Leading Real Estate Developer and Property Management Services in Chennai. Onyx Group of Companies includes Onyx Realtors, Onyx Constructions, Onyx Property Management, Onyx Home Stay, Onyx Services, Onyx Charitable Trust and is headquartered in Chennai remains nestled in the heart of the Tamil Nadu.
Both the interest and principal components of a home loan can bring you tax benefits. Individuals who have taken a loan to purchase their home or for the purpose of construction can claim the principal amount under section 80(c) and the interest can be claimed under 24(b).
If an individual buys a house and decides to sell it within the same year or before a period of three years, he is liable to pay short term capital gains tax. However, if the sale has taken place after three years, one is liable to pay long term capital gains tax. This is not taxable if the profit amounts are invested in capital gains tax-saving bonds as detailed under Section 54 thus offering great first-time home buyer tax benefits.
One can get a deduction on interest component on home loans of up to Rs. 1.5 lakhs if the loan is taken on or after. 1st of April 1999 for the purpose of building or buying a property. This home loan tax benefit can be enjoyed if the purchase or construction is completed within three years from the end of the financial year in which the loan was procured. Apart from this, a certificate from the lending bank should be provided to certify that interest is payable against the loan taken to buy or construct a home.
Another one of the tax benefits on a home loan is available if one continues to make payments. If an individual who has borrowed money fails to pay the EMI on time, he cannot claim the tax benefits on the amount that is supposed to have been paid.
Lastly, only the person who has taken the home loan can enjoy the tax deductions. If there is a co-borrower for the said home loan, he or she can only claim limited benefits of the deductions that one can avail when they opt for a home loan. It is only limited to the amount that they will repay.
Onyx Realtors is an Real Estate Developer and Property Management Company in Chennai offers well developed Plots and Independent Villas for Sale in Chennai and Kodaikanal within your budget. Call Now +91 99419 22001 and get best offers.