Buying your own house is one of the largest financial milestones in life. Carefully done financial planning helps, while the clever application of tax-saving strategies can only smoothen and sweeten this event further. In India, the Income Tax Act provides for several incentives whereby home-buyers lower their taxes, improve their cash flows, and intelligently invest. Effective understanding and utilization of tax benefits turn the purchase of a house from a nightmare financial obligation into a calculated and cash-saving investment. Here are some great tax-saving strategies for funding your dream Property. Tax Deductions on Home Loan Repayments One of the most effective ways to reduce your tax liability is by claiming deductions on home loan repayments: Section 80C: In terms of tax deductions, the homebuyers can avail of this maximum benefit of ₹1.5 lakh per year concerning the principal repayment of the home loan. Thus, it helps substantially in reducing taxable income, making...
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