Ravi group highlighting tax benefits on Home Loan
While taking the home loan, the benefits of tax on the same, are important to be considered thoroughly. Real estate developers always thrive to make this information available for the interested property buyers and investors for their convenience.
Ravi Group is throwing some light over the matter of tax benefits to not grab the opportunity, rather take a wise and thoughtful decision. The Ravi Developers has brought section 24 of the Income Tax to the limelight to authenticate the information provided by the leading real estate developer in Mumbai.
Ravi group tells that interest paid on the borrowed capital for investment purposes like acquisition, construction, repair, renewal or rejuvenation of property, they all are at liberty for certain deductions. It simply means that you can deduct an amount which is equal to your total payable interest on house loan from your income within same financial year, on which tax is liable.
The Ravi group explained the same with the help of an example from daily life situation:
Suppose the assesses belongs to an annual taxable income of Rs 4 lakh, which is the highest tax bracket. If interest payment amounts up to Rs 1.60 lakh during the first financial year, then taxable income will reduce up to Rs 2.5 lakh. Here total tax amounts up to Rs 49,980, including surcharge. You will be saving the tax of Rs 45,900, because of the tax rate of 30% on Rs 1.5 lakh, adding 2% surcharge because investor comes under highest tax bracket.
With a vast experience of more than 2 decades, Ravi Developers Mumbai is a land designer who has covered 10 million square feet land area till date and satisfied up to 20,000 families by catering their housing needs.
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