Owners of real estate property who have rented out the property owned by them, have an option to claim the deductions from the rental income. This type of deduction is called a property tax deduction.
Section 80EEA of the Income Tax Act has been introduced to further extend the benefits that are allowed under Section 80EE for low-cost housing.
The consumer does not need to suffer from the calculation and payment of multiple taxes. GST (Goods and Service Tax) is an indirect tax that is levied on the supply of goods and services. It has also replaced several indirect that previously existed.
When buying a house, an agency that is involved in the entire process is the title company. The title company is a third party that is used to verify the title of the real estate that has been given to the buyer.
A loan against property is a secured loan which is obtained by keeping the property (residential/commercial) as collateral with the lender of the loan amount. Many people are of the opinion of investing into real estate, as it is considered to be a safer option as compared to other investments.
Stamp duty is a tax which is to be collected by the government. It is payable before the execution of the document or on the day of execution of the document. Failure to pay the stamp duty is an offense and is punishable under the law. They can be purchased in the name of the buyer or the seller.
Every property is an asset for which tax is payable to the municipal corporation or the local state government and it is important that you know the various property tax documents required for the purpose of tax assessment, filing, and payment.