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Tax Benefits for OMCON Homebuyers in Navi Mumbai
1. Deduction on Home Loan Interest:
Under Section 24(b) of the Income Tax Act, you can claim a deduction of up to ₹2 lakh on home loan interest for a self-occupied property.
2. Principal Repayment Deduction:
Under Section 80C, you can claim a deduction of up to ₹1.5 lakh on the principal repayment of a home loan.
3. First-Time Homebuyers:
Additional deduction of up to ₹50,000 under Section 80EE for first-time homebuyers.
4. Stamp Duty and Registration Charges:
Deduction under Section 80C for the stamp duty and registration charges paid, within the overall limit of ₹1.5 lakh.
5. Interest Deduction on Under-Construction Property:
Interest paid during the construction period can be claimed in five equal installments after completion.
Additional Considerations:
Joint Home Loans: Tax benefits can be claimed individually by both co-borrowers, doubling the benefits.
Rental Income: If the property is rented out, the entire interest on home loan is deductible from the rental income.
These tax benefits apply to homebuyers of OMCON Real Estate Developers in Navi Mumbai. For detailed guidance and maximizing your tax benefits, consult with a tax advisor.