Veedu

For me a Home is a secure region where I will have the matters and people I love at one vicinity. It’s an area in which I dream, sing, and rest from the strain outside. Its refuge from our busy lives and connect us with the individuals who love us the most. Buying our own home is like a dream come genuine for maximum people. Those who do no longer have there very own have the dream to own a house at there personal. But do you already know that buying an residence can also presents you tax benefits Under phase 80C of the Income Tax Act,1961? In this article we are discussing the Qualifying Amount, situations, Limits concern to which we’re eligible for deduction U/s. 80C for Investment in Residential House Property.

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Deduction below segment 80C of the Income tax Act is available for funding in residence belongings subject to the satisfaction of the situations of that segment in regard to qualifying amounts in the following instances to the individuals/Hindu undivided families.

Payments made towards the value of buy/construction of latest residential house property at some stage in the preceding year are eligible for deduction under section 80C. The following payments qualify for deduction:-

a. Any installment or element price of the quantity due beneath any self-financing or other scheme of any improvement authority, housing board or other authority engaged in the creation and sale of residence belongings on possession basis; or

b. Any installment or element fee of the quantity because of any organization or cooperative society of which the assessee is a shareholder or member in the direction of the price of the house assets allotted to him (it is not relevant if the assessee isn’t a shareholder or member of the employer/cooperative society which supplied residence to the assessee); or