Pby paramount IN GENERAL PROPERTY 2021-08-21
Aug, 21
“In this world, nothing is said to be certain, except death and taxes.”
The tax code is complicated and ever-evolving. Well yes, this is an unfortunate truth that all of us have to play the game of tax for as long as we live, but on the other hand, real estate taxes can be more rewarding than others.
Buying a home is a big financial decision, but the government offers a tax benefit for home buyers. These benefits vary according to property types, nature of construction and amount of loan. A home loan can be tax-efficient with a proper understanding of three major sections of the Income-Tax Act that cover tax gains under house property – 80C, 80 EE and 24B.
Tax benefits differ as per the situation, for example: What if you sell the property within five years of occupancy?
If the property is sold within 5 years of occupancy, then tax benefit availed of for the principal amount of the home loan payment will be reversed and treated as your income and added back to the salary. There will be no reversal for the interest amount paid.
Well, property tax is the annual tax on the real property. It is most commonly founded on the concept of market value. It plays a very important role in decentralization and the autonomy of the local government. Full decentralization of government incorporates the power to raise revenue independently in addition to powers allowing local governments to use the funds as they see fit.
Property tax provides a basis for local autonomy and facilitates decentralization. It provides a revenue base for single function authorities. It encourages the economic use of land. It tends to reduce land and property prices thus facilitating access to land. Apart from agricultural land and buildings, the rural property tax may be applied to commercial, industrial and residential properties located in rural areas.
A house becomes home when you give your heart there, fill the place with lots and lots of memories and give it life. Government just tries to keep your heart safe by giving tax benefits, so that living life becomes easier.
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