Now days every individual is trying to evade taxes. Everyone is in search of mean and ways, how to escape from tax. Some of you think that by buying home or flat you can get tax exemption benefit. In fact this is wrong notion because you are paying extra taxes due to your raised income.
But obviously there are means for your “Tax Problem”. Apply for “Housing Loan” so that you can enjoy tax benefit. In income tax act of 1961 you will find these benefits are covered under 2 different sections such as: sec 24(b) and sec 80(c).
Applying for home loans does not mean that you will get cent percent tax benefit. Approval of tax benefit only depends on following circumstances:
- Loans are taken only from registered banks and institute.
- Loans taken form private agencies or chit funds or family are not eligible for tax exemption benefit.
Section 24 (b) provide you benefit on interest payment that you have made to your lender on the borrowed fund. You can avail the deduction of upto one lakh rupees on principle amount. If you are planning to construct or purchase a new house, this is best option for you to evade taxes and to avail its exemption benefit.
If you have borrowed money for above mention purpose, you can easily make use of loan documents and enjoy the benefit of tax deduction of up to Rs. 1,50,000.
There are some tax laws that is hassle for you, but obviously there are some tax law which provide you relief. By saving all of your home improvement receipts, you will be able to add these amounts up and credit your homes cost basis. Saving a few receipts here and there can save you a chunk of change when it comes to paying your taxes.
In fact this process serves you dual benefit: reconstructing your house and enjoying tax exemption benefit.
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