Interested in buying a residence in one of our projects but not sure how to go about it? Let us help you. Our people have compiled a list of queries we usually receive to make your search easier. From knowing the documents required for your loan application to Stamp duty queries and how to calculate your generic EMI, we have outlined them for you below. For any other queries or information, feel free to connect with us here.
Stamp duty rates have been revised w.e.f April 2012 as under:- For residential as well as commercial units the stamp duty payable is applicable @ 5% of market value of such unit or consideration paid under the agreement, whichever is higher.
The market value of the Unit is determined on the basis of stamp duty ready recknor issued by government every year on January 1st. Further registration fees is payable @ 1% of market value/consideration (whichever is higher) and is capped upto Rs. 30,000/-
The repayment of the interest portion of the EMI is allowed as a deduction under section 24 under the head "income from house property" up to Rs. 1,50,000/- for self occupied property and full amount in case of let-out property if the purchase or construction is completed within a period of three years from the end of the year in which the loan is taken.
The repayment of principal amount of the loan can be claimed as a deduction under section 80C up to a maximum amount of Rs. 1 lakh. You can also claim deduction under Section 80C towards payment made for stamp duty, registration fee and other expenses for the purpose of transferring the property in the name of the assessed. All these deductions however should not exceed the overall limit of Rs. 1 lakh.
However, deduction under Section 80C is not available in respect of payment made towards the cost of any addition, alteration, renovation or repair carried out after the issue of the completion certificate.
According to the Indian Income Tax Act, if a person (resident or NRI) owns more than one house property, only one of them will be deemed as self-occupied. There will be no income tax on a self-occupied property. The other one, whether rented or not, will be deemed to be given on rent and deemed rental income (based on certain valuations prescribed by the income tax rules) will be added to income. Further, TDS will be deducted on actual rental incomes earned by NRI.
Wealth tax is levied on the value of specified assets in excess of the Rs. 30,00,000. Specified assets include house property. However, the Wealth Tax Act provides an exemption in respect of one house property. There is a specific exemption available for returning Indians in respect of investment made in house property out of money brought from outside India or from balances held in NRE accounts as on date of return to India.
If a residential property is held by the seller for more than 36 months, it is considered a long-term investment or else short term. Long Term Capital Gain shall be computed by considering Indexed cost of acquisition. NRIs are entitled to claim exemption from capital gains tax if they reinvest in specified assets as per Income Tax Act.
Section 197 of the Income Tax Act, 1961 provides for deduction of tax at lower rates in certain cases. The rate prescribed for TDS from NRI's income is the maximum rate of tax at which relevant Income is taxable in India. However, in majority of the cases of NRI, the actual tax liability is lower than this.
However, the higher deduction of tax so made is generally not claimed as a refund by filing Return of Income. In order to assist such situation, the Income Tax Act has provided procedure under section 197 whereby an NRI can apply to the Assessing officer (in prescribed form) to issue specific certificate authorizing the payer of income (who normally deducts tax at highest prescribed rate) to deduct tax at a lower rate or nil rate. The NRI should estimate his income, tax liability and likely TDS and then apply for partial or complete Tax Exemption Certificate. The payer shall deduct tax in accordance with the certificate of the Assessing officer.
|Monthly Payment (EMI)||Rs. 63,066|
|Total Interest Payable||Rs. 6,301,928|
|Total Payment (Principle + Interest)||Rs. 11,351,928|
For any other queries or information, feel free to connect with us here.
"It was a very pleasant experience to buy the house from Sharada Group. Their transparency in business continued at all levels as I visited their completed & ongoing projects before booking my current house. This was very important for me , as I was coordinating for a property in Pune while sitting in Mumbai. I rate this group very high on transparency (which many of the reputed builders lack in current scenario). With my positive experience with Sharada Group, have referred many of my friends /relatives to their projects at Warje, Bawdhan & Balewadi. And the best part is the group has not diluted by any fraction the positive customer experience."
- Milind Pawar
"Never before had I experienced a kind of personal attention, warmth and non-compromising attitude towards quality and perfection from a developer till I purchased a home in Meghsparsh. In Sharada Alliance, I not only found professionals but a group of true human beings who value and respect you more than your expectations. Feel really proud to be associated with them.Thanks Sharada Alliance for making me feel so special."
- Rajendra Jadhav