C
Chandrani Mukherjee
posted on 7 MayKokapet 3BHK possession: Tax things nobody told me
Kokapet — just got possession of my 3BHK with Aparna. EMI chal raha hai. Ab tax benefits explore kar raha hoon. Section 24, 80C ka kya scene hai?
#tax-benefits#first-time-buyer#kokapet#aparna-constructions#emi
Comments
To answer the joint loan question, yes, if it's a joint home loan, both applicants can claim the tax benefits (Section 24 and 80C) individually, proportionate to their share in the loan and ownership, provided they are co-owners. So, if you and your spouse each pay 50% of the EMI, you can both claim up to ₹2 lakh under Section 24 and ₹1.5 lakh under 80C. It effectively doubles your tax saving potential. Just make sure both names are on the property documents and the loan.
These tax things are so confusing. Hope I don't mess up the filings. Always feel like there's some hidden catch.
Okay, so Section 24 and 80C. That's good to know. But what about the actual process? Kya exact numbers hain Section 24 and 80C ke liye? And any other lesser-known benefits that first-time buyers miss?
This is super helpful, thank you so much!
Wow, thanks for the detailed breakdown! That 80EEA part is new to me. Joint loan mein bhi same benefits milte hain kya for both applicants?
Exactly what I was wondering! For Section 24, it's ₹2 lakh deduction on home loan interest if the property is self-occupied. If it's rented out, then the entire interest can be deducted, but there's a cap on loss you can set off against other income (₹2 lakh). For 80C, it's ₹1.5 lakh deduction on principal repayment, stamp duty, and registration charges. Also, don't forget Section 80EEA for additional interest deduction of ₹1.5 lakh, but that's for affordable housing loans sanctioned between April 2019 and March 2022, and with specific conditions on stamp duty value. So, check if your loan qualifies!
Aparna in Kokapet? Hmm, hope you got a good deal. Heard a lot of stories about delays in that area, especially post-pandemic. My friend bought in Attapur two years back and is still fighting for possession. Kokapet prices are quite inflated now, even for Aparna. Did you check the RERA status properly?
Delays are standard for every builder now! Mera toh builder ne 3 baar date extend kar diya, ab toh hassi aati hai sunke. So, not just Aparna. It's a market-wide issue.
Not really, Aparna has a pretty solid track record. Kokapet is booming, and the prices reflect that. Connectivity and infrastructure development are top-notch there, so demand is high. It's a long-term investment, not a quick flip.
Bhai, congratulations on the possession! Aparna projects are generally good. For Section 24, you can claim up to 2 lakh on interest paid on home loan if it's self-occupied. 80C is for principal repayment, up to 1.5 lakh. These are the main ones, but check your specific loan documents.
Congrats! Just make sure you have all your bank statements and builder receipts properly documented. My CA always stresses this. Without proper proof, IT dept can be a headache.
Haan yaar, sahi bol rahe ho! Same situation for me, just got my flat in Nanakramguda. Ye tax benefits toh savior hain.