Kalpataru logo
PROJECTS Corporate
MENU
CLOSE
  • img21
    About

    Corporate Profile

    Chairman's Message

    Leadership team

    Group Companies

    Legacy

    Awards

    CSR

  • img21
    PROJECTS

    Ongoing

    Completed

  • img21
    KNOWLEDGE  HUB

    Buyer's Guide Documentation Tax Benefit Loans

    NRI

    RERA

  • img21
    Sustainability

    Approach

    Our green footprint

    Our green journey

     
  • img21
    Contact  Us

    Main office

    Careers

 

The benefits that income tax authorities provide, as a result of servicing a housing loan from specified financial institutions, is documented over several sources. The following provides for some direction:

 

Deduction from house property-
Section 24 of the Income Tax Act

 

This section deals with deduction available u/s 24(b) - Interest paid on capital borrowed for purchase, construction, repair, renewal or reconstruction of property. That is, you are allowed to deduct an amount equivalent to the total interest payable on the housing loan from your taxable income within the same financial year, the maximum amount eligible for deduction if capital is borrowed on or after 1st April 1999 in the case of self-occupied property to Rs.2,00,000.

The criteria being:
a) Capital is borrowed on or after 1st April 1999 for acquiring or constructing a property.
b) Acquisition or construction should be completed within 5 years (3 years, applicable up to the Assessment year 2016-17) from the end of financial year in which the capital was borrowed.

Please note that
Interest of pre-construction period is deductible in five equal instalments. The first instalment is deductible in the year in which construction of property is completed or in which property is acquired.
If Capital is borrowed for any other purpose, i.e. if capital is borrowed for reconstruction, repair or renewal of house property then the maximum amount of deduction is available Rs.30,000.

Kalpataru deduction from house property
 
 
 

Assume taxable income of Rs 4 lakh, placing the assessee in the highest tax bracket.

Assume interest payment during the first financial year is Rs 1.60 lakh

Taxable income stands reduced to Rs 2.5 lakh (Rs 4 lakh - Rs 1.5 lakh being the maximum limit)

Total tax amounts to Rs 24,720 (tax of Rs 24,000 + Education Cess Rs 480+ SHEC Rs. 240)

Tax saved is Rs 46,350 (tax @30% on Rs 1.5 lakh plus 2% EC+ 1% SHEC as purchaser is in the highest tax bracket)

 
 

Deduction from Gross Total Income -
Section 80C (2) (xviii) of the Income Tax Act

 

A deduction is available on repayment of principal during a financial year up to Rs.1,50,000, this aforesaid limit is within the overall limit of Rs.1,50,000 lakh specified in section 80C of the Income Tax Act.

Stamp duty, registration fee or other such expenses paid for transfer of such house property to the assessee is also considered under this amount.

This deduction is made from one’s Gross Total Income.

Kalpataru deduction from gross total income
 
 

Income Tax certificate:

 

Every bank issues an Income Tax Certificate that serves as requisite proof to let you avail of tax benefits that accrue on repayment of a home loan.

This will typically contain the total amount of interest and capital repaid during the Year. The Income Tax Certificate is mandatory to claim the tax benefit in respect of self-occupied property.

You will have to file it with your tax returns. and submit this to your employer or Chartered Accountant to calculate your tax liability.

Kalpataru income tax certificate
 
< back
Buyer's Guide NRI Rera Documents
Disclaimer

The plans, designs, dimensions and elevations are as per current sanctioned plans and approvals, specifications, amenities and facilities will be set out in the agreements for sale and images are artistic impressions and purely for representational purposes. The same may be subject to changes/revisions/alterations in terms of approvals, orders, directions and/or regulations of the concerned/relevant authorities, and/or for compliance with laws/regulations in force from time to time. In view of the above, and in line with our customer policies, we may change/alter the above in consonance with approvals, orders, directions, applicable laws, regulations, etc. Unless otherwise stated, all the images, visuals, materials and information contained herein are purely creative/artistic concepts and may not be actual representations of the product and/or any amenities. None of the above may be construed to form any basis of, or serve as an inducement or invitation for payment of any advance and/or deposit, to be made by a prospective customer, under relevant provisions of law or otherwise. Solely the amenities/ specifications, features mentioned in the agreement for sale (if any) shall be final. For more information refer to ‘https://maharera.mahaonline.gov.in/’

By entering this website, you agree to understand that all images marked as:

 
- 'Representational Images#' are not actual project images and are strictly for representational purposes only.
- 'Artist’s impression*' of Elevation, sketch elevation, External spaces, Common amenities, Internal spaces, apartments, Clubhouse, landscaping, lobby, gym, kids area, swimming pool, Party areas are strictly for representational purposes only. The render/s used are an artist's impression of possible appearance and is/are not accurate and/or complete. The colours, shades of walls, tiles etc. are for representational purposes and will vary in planning and designing and upon actual construction. All features, landscaping, fixtures, fittings, goods, accessories and furniture reflected/displayed in this image(s) are strictly for illustrative and display purposes only and are not part of the standard final amenities and finishes. The render for internal spaces is to only act as an example of suggested space management and possible utilization of the space, and such internal spaces will not have the amenities, fixtures and fittings therein.
- 'Shot on location ^' are strictly for representational purposes. The image(s) are only to act as an example of suggested space management and are for illustration purposes and one of the possible options for decoration, and in no manner should be construed as part of the final product to be provided as per the agreement for sale (if any). The image(s)/view(s) have been modified/enhanced for visual, illustrative and creative purposes. All features, fixtures, fittings, goods, accessories and furniture reflected /displayed in the show flat of the project are strictly for display purposes only and are not part of the standard final amenities & finishes, and will not be provided.
- 'Actual image of property $' are actual image(s)/view(s) which have been modified, and/or enhanced, and/or touched up/airbrushed for display and creative purposes.
- ‘Conditions apply (1)’ on Unit Plans indicates that the plans are Not to scale. The furniture / fixtures etc. shown in the image are only indicative and representational (not actual) in nature and are only for the purpose of illustrating /reflecting a possible layout and do not form a part of the standard specifications, amenities, services, etc. to be provided in respect of the flat. All specifications of the flat shall be as per the agreement for sale (if any) between the parties.
- ‘Conditions apply (2)’ on Floor Plans indicates that the plans are Not to scale. The above mentioned dimensions are in meters & (feet). (1 Meter =3.28 Feet). The furniture / fixtures etc. shown in the image are only indicative and representational (not actual) in nature and are only for the purpose of illustrating / indicating a possible layout and do not form a part of the standard specifications, amenities, services, etc. to be provided in respect of the flat. All specifications of the flat shall be as per the agreement for sale (if any) between the parties.
- ‘Conditions apply (3)’ on Complex Layouts indicates that they are the complex/project/phase of the ongoing project and are strictly for representational purposes only with the intention to facilitate an idea of the layout as presently proposed and/or approved, and is subject to changes/revisions by the concerned authorities in consonance with the laws and regulations applicable from time to time. The amenities/ specifications, features & landscaping mentioned in the agreement for sale (if any) shall be considered as final. Customers are requested to refer to the sanctioned plans for the project/phase/complex for further details or visit https://maharera.mahaonline.gov.in/

All sections/references of ''Amenities' will have "Warranty/Guarantee of the third party product/amenity subject to the concerned supplier’s/manufacturer’s corresponding warranty /guarantee terms and conditions. Cross- ventilation would mean "At least open from two sides (including main entry access).

Information is prepared and issued in good faith and for guidance only. It does not constitute part of an offer or contract. The recipient or user is responsible to evaluate the accuracy, completeness and usefulness of any opinions, advice, services or other information provided. All information are distributed with the understanding that the authors, publishers, and distributors are not rendering professional service or advice or opinions on facts or matters, and assume no liability whatsoever in connection therewith. You may seek opinion of your own legal or tax advisor or real estate expert. For further information on the registered projects please refer to ‘https://maharera.mahaonline.gov.in/’

The service marks, graphic contained in this web site are the exclusive property of Kalpataru Group and are protected by copyright and intellectual property laws. The contents, images, buttons, layout, information, text, opinions and material are own creation and Kalpataru Group has exclusivity thereupon. No person shall use, copy, reproduce, distribute, imitate publish, display, modify, create derivative works or database, use, transmit, exploit, sell or distribute the same in whole or in part or any part thereof. Facility to print any article or portion of text material from the website through computer / electronic device does not tantamount to prior written consent, and will be a breach of law and the intellectual property rights of Kalpataru Group, and give rise to legal action.

Kalpataru and its directors, officers, employees, agents and representatives, are not, and shall not be, liable for any loss, damage, errors; directly or indirectly, consequential or incidental, suffered or incurred by any person/s or due to any use and/or inability to use this site or information or its links, hyperlinks.

While effort is made to provide correct information, however and the same is not service or assistance of any nature, or an offer to provide the same. Any recipient or user of any information or material from this site may avail of the same entirely at his/her own risk as to costs and consequences, thereof.

 

DISCLAIMER SITE MAP

Copyright © Kalpataru.All rights Reserved

CSR Careers
 
contact form

Leave your details and we will be happy to get in touch with you.