customersuccess@taxmantra.com
+91 9230033070 
Toll Free: 
Contact Us
Owning a house has always been a matter of pride. The loan taken for the property brings add-on benefits to the owners.  On the one hand lessens your burden of huge cash outflow at once and on the other hand saves taxes in form of deductions. If you have the down payment (typically 15% of the value) available with you the balance can be borrowed against the home you plan to buy.  The principal part of the loan repaid is deductible under Sec 80C and the corresponding interest thereon can be claimed for deduction under the house Property. However, ownership is the primary condition to claim benefit of tax exemptions of House Property.   One can own a property solely, jointly with other.  Under sole ownership, the person has to pay tax on the rent earned and is eligible to claim deduction for the interest and principal repaid of the loan taken for the same.  The percent share in the total property decides the income from such property. In case you own 30% of the property, then 30% of the income and the loan repayments have to be reported in your return. A house that one uses as his/her own residence is known to be self-occupied. But only one house is considered to be self-occupied, thus if you have more than one house, then the other house will have tax implications as the same will be treated as deemed to be let out. Rented house is although has less cash outflow, yet buying a house has got its own long term benefits and also a gift for generations to come. Timely and efficient tax planning go long way in lowering your total taxes by employing and taking advantages of in-built provisions of tax exemptions, deductions, concessions, rebates, relief’s, allowances and other benefits granted by the tax laws so that the incidence of tax is reduced. We at Taxmantra.com have the expertise to guide you in lowering your tax outgo and thus enhancing your total take away. We at Taxmantra.com provide full year support solving all your tax issues, in addition to filing of your return of income with excellent tax planning. Do contact us immediately; we are here to help in solving all your tax issues.
Invest in House Property – Save Taxes and Secure Future
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
Owning a house has always been a matter of pride. The loan taken for the property brings add-on benefits to the owners.  On the one hand lessens your burden of huge cash outflow at once and on the other hand saves taxes in form of deductions. If you have the down payment (typically 15% of the value) available with you the balance can be borrowed against the home you plan to buy.  The principal part of the loan repaid is deductible under Sec 80C and the corresponding interest thereon can be claimed for deduction under the house Property. However, ownership is the primary condition to claim benefit of tax exemptions of House Property.   One can own a property solely, jointly with other.  Under sole ownership, the person has to pay tax on the rent earned and is eligible to claim deduction for the interest and principal repaid of the loan taken for the same.  The percent share in the total property decides the income from such property. In case you own 30% of the property, then 30% of the income and the loan repayments have to be reported in your return. A house that one uses as his/her own residence is known to be self-occupied. But only one house is considered to be self-occupied, thus if you have more than one house, then the other house will have tax implications as the same will be treated as deemed to be let out. Rented house is although has less cash outflow, yet buying a house has got its own long term benefits and also a gift for generations to come. Timely and efficient tax planning go long way in lowering your total taxes by employing and taking advantages of in-built provisions of tax exemptions, deductions, concessions, rebates, relief’s, allowances and other benefits granted by the tax laws so that the incidence of tax is reduced. We at Taxmantra.com have the expertise to guide you in lowering your tax outgo and thus enhancing your total take away. We at Taxmantra.com provide full year support solving all your tax issues, in addition to filing of your return of income with excellent tax planning. Do contact us immediately; we are here to help in solving all your tax issues.