Looking for a property for sale in Lucknow? Well, purchasing a house is believed to be great investment. And with the growing speed at which the real estate property is thriving, we can even say that purchasing a property for sale is sound money making option too. With different tax benefits provided by the government on purchasing a home, it has become simple to lower the expenses of buying and saving money on selling the property. Some of the benefits that a home owner (particularly if it is your first home) can avail are:
Income Tax Concession
If you are buying a property for the first time, then you will get a rebate on your income tax. In fact, property tax in this case is complete deductible. On the other hand, mortgage interest taxes are also tax deductible, however this deduction is limited to some amount as far as a self-occupied home is considered, as in this case the yearly value is nil. But then, there are no limitations on interest deduction in other consequences.
Selling a Property
Under the I-T Act, a residential property is considered as a capital asset. Hence, in case you own a home for over 3 years, then your home will be classified under long-term asset. On the other hand, if you don’t own it for long term, then it will be classified as a short term asset.
Wealth Tax
In case a house property is occupied for conducting business or due to some professional reasons or given on rent for tenure of over 300 days in one year, you can get exclusive exclusions. In that case, the taxable wealth for that should be exceeding INR 30 lakhs and the rate of making payments for wealth tax will be at 1%.
Finally, note that you will be charged stamp duty at the time of both buying as well as selling a property. If you are purchasing a home, then the stamp duty will be added to the cost of acquisition of the home property for the reason of calculating any profit on resulting sale/transfer. Before choosing a property for sale in Lucknow, make sure to consider the income tax rules and the different ways to lower such taxes.
