A
Amit Bhatia
posted on 13 MayHome loan tax saving: Did I miss something?
So, just learned about Section 24 tax benefit for home loans. Moved into my Godrej Sector 150 flat last month. My CA says the interest deduction is huge for EMI. Are you guys using this for your Greater Noida 2BHK property?
#tax-benefits#home-loan#emi#sector-150#2bhk
Comments
Can someone share what's the maximum deduction one can claim under Section 24 for interest? And is it different for self-occupied vs rented property? Planning to buy near Alistonia Estate soon, so gathering all info.
Exactly what my CA told me.
For a self-occupied property, the maximum deduction for interest under Section 24 is ₹2 lakhs per financial year. If it's a rented property, there's no upper limit on the interest deduction, but the loss from house property that can be set off against other income is capped at ₹2 lakhs. This is crucial to know!
The Section 24 benefit is definitely great, but don't forget Section 80C for principal repayment. Both combined can really bring down your taxable income significantly. My financial advisor made sure I understood both aspects fully before I committed to my loan. For a 2BHK in Greater Noida, especially if you're a first-time buyer, every bit of saving helps. Just make sure your CA is updating your IT returns correctly, sometimes they miss out on things.
Bhai, tax benefit toh theek hai but Godrej Sector 150 mein maintenance charges aur property value appreciation ka kya scene hai? I heard kuch logon ko Ajayabpur side mein ache deals mile hain but connectivity is a huge issue there. Just thinking long-term, interest deduction is one thing, but overall cost of ownership is another. Kya aapne builder ke track record pe research ki thi before buying?
Godrej ka track record generally theek hai, but har builder ka kuch na kuch issues rehta hai. Mere ek dost ne Alpha II mein ek flat liya tha, unka builder ne possession mein 2 saal lagaye aur bahut pareshaan kiya. So, compared to that, Godrej is usually considered better on delivery.
Appreciation toh Greater Noida mein thoda slow hi hai. Especially after COVID, market kaafi soft hai, so don't expect miracles overnight.
Maintenance charges are standard for a project like Godrej, around ₹3-4 per sqft. As for Ajayabpur, true, deals might be cheaper, but the infrastructure development is far behind Sector 150. For me, current liveability was more important than just a low price tag.
Absolutely! Section 24 is a lifesaver, especially with these high EMIs. My CA also explained it, and it makes a decent dent in my taxable income. Congrats on the Godrej flat, bhai! Kaisa experience hai so far?
Exactly! EMI toh jaan nikal deti hai. Section 24 is the only silver lining, warna itna loan kaun leta.
Haan, Godrej Sector 150 project ka experience theek hai abhi tak. Possession time pe mila, which is rare these days. Lekin amenities abhi puri tarah operational nahi hain. Section 24 ki wajah se thoda relief mil jaata hai, warna EMIs toh bahut pinch karti hain.
So, just learned about Section 24 tax benefit for home loans. Moved into my Godrej Sector 150 flat last month. My CA says the interest deduction is huge for EMI. Are you guys using this for your Greater Noida 2BHK property?