Cossipore is one of Kolkata’s oldest residential areas, situated along the city’s northern outskirts. It is known for its historical significance, with landmarks like the Dakshineswar Kali Temple and the Cossipore Gun Factory. The locality has several residential properties, including flats, apartments, and independent houses.
For most people, purchasing a Ganga-facing flat in Kolkata is a big commitment that includes a variety of costs such as down payments, registration fees, and stamp duty charges. However, home loans can help manage these costs by providing financing options for homebuyers.
Tax Benefits on Home Loans for Flats in North Kolkata
Home loans offer several tax benefits to homeowners, which can help reduce the overall cost of owning a property. Let’s look into some of the essential tax benefits of home loans for buying a flat in North Kolkata:
Tax Deduction on Home Loan Interest
Homeowners can deduct the interest paid on their home loans from their taxes. This deduction is available under Section 24(b) of the Income Tax Act and is limited to Rs. 2 lakhs per year. Furthermore, the deduction is only available for self-occupied properties and not for rental houses.
Tax Deduction on Principal Repayment
Homeowners can also claim a tax deduction on the principal repayment of their home loans. This deduction is available under Section 80C of the Income Tax Act and has a maximum annual limit of Rs. 1.5 lakhs. This deduction, however, is only allowed for self-occupied or vacant properties.
Tax Deduction on Stamp Duty and Registration Charges
Homebuyers can claim a tax deduction on the stamp duty and registration charges paid while purchasing their property. This deduction is available under Section 80C of the Income Tax Act and has a maximum annual limit of Rs. 1.5 lakhs.
Choose a Renowned Developer Choose Oswal Group
Besides the holy Ganga, you will come across several gorgeous riverside residences. These properties are usually in high demand, and the Oswal Group is one of the developers offering such properties in North Kolkata. The Oswal Group is a reputed real estate developer in Kolkata, with several flats in Cossipore, Kolkata, catering to various budgets and preferences. Ganga-facing flats in Kolkata by the Oswal Group offer picturesque views of the river and its surroundings.
Oswal Group brings to your table flats in North Kolkata that are equipped with all the necessary modern amenities, 24*7 security and amazing Ganga-facing views. Additionally, they also offer immediate possession, eliminating the wait time and uncertainties associated with under-construction properties.
In conclusion, buying a property in North Kolkata, especially a flat in Cossipore Kolkata is a significant investment. Home loans can help manage the expenses associated with buying a property, and they also offer tax benefits to homeowners. The Oswal Group has several ready-to-move-in flats for sale in North Kolkata, and homebuyers can avail of the tax benefits while investing in their dream homes. Thus, home loans are a blessing for home aspirants looking to build their own nest of happiness and secure a lifetime of happiness.