Legal & Tax Benefits

While purchasing Today Connect Low Budget homes or resale flats in Navi Mumbai get a copy of the title report from our solicitor. Make sure that there are no conditions written in fine print and that there are no specific reservations by the state government. 

Look for specific clearance reports. For instance, if the construction is in Navi Mumbai, you will need to check for a NAINA or CIDCO clearance as they are local body authority for Navi Mumbai. At Today Connect, we have exercised the precautions and secured the clearances to ensure that you get a property that is not caught in any sort of dispute. After all we understand that only a clear title can guarantee you a home loan.

Permissions and Approvals

Several permissions and approvals from relevant bodies are sought by Today Connect before embarking on the construction of any project.  Without these clearances, the construction may come under scrutiny and litigation. Here is a list of documents and approvals that the builder must possess for all building work to commence in Navi Mumbai:
 

• CC of the project 
• Local Body authority - CIDCO or NAINA approved plan 
• RERA Registration

Looking for a new construction property in Navi Mumbai, then connect today with Today Connect.

Visit us and we will give you greater clarity on Tax Benefits you will enjoy on the purchase of  under construction, completed projects and resale flats in Navi Mumbai, due to servicing of housing loan from specified financial institutions.

Section 24 of the Income Tax Act.

This section deals with deduction available on Interest paid on capital borrowed for the purpose of purchase, construction, repair, renewal or reconstruction of property. The purchaser is allowed to deduct an amount equivalent to the total interest payable on the housing loan from his/her taxable income within the same financial year. 

It began with Rs 15,000 being the maximum amount eligible for deduction in the case of self-occupied property. This later got doubled to Rs 30,000, then increased to Rs 75,000, and later enhanced to a limit of Rs 1 lakh. Currently, the limit stands elevated to Rs 1.5 lakh. 

So borrowers now will enjoy a deduction of upto 1.5 lakh on interest paid, on loans taken to purchase, construct, repair, renew or reconstruct property, on or after April 1, 1999.

This applies only if the property is acquired or constructed within 3 years from the end of financial year in which the capital was borrowed and is self - occupied. A substantial figure, by any account.

AN EXAMPLE :

• If taxable income is Rs 4. lakh, 
• If interest payment during the first financial year is Rs 1.60 lakh 
• Taxable income then stands reduced to Rs 2.5 lakh (Rs 4 lakh - Rs 1.5 lakh (being the maximum tax deductable limit) 
• In this case, total tax will amount to Rs 24,720 (tax of Rs 24,000 + Education Cess Rs 480+ SHEC Rs. 240) 
• Tax saved will be Rs 46,350 (tax @30% on Rs 1.5 lakh plus 2% EC+ 1% SHEC, since purchaser is in the highest tax bracket)

Section 80C of the Income Tax Act.

A deduction u/s  80C (2) (xviii) is available on repayment of principal during a financial year up to Rs. 1,00,000/-, this aforesaid limit is within the overall limit of Rs 1 lakh specified in section 80C of the Income Tax Act. Stamp duty, registration fee or other such expenses paid for the purpose of transfer of such house property to the assessee is also considered under this amount. This deduction is from Gross Total Income.