While purchasing an Aaruhi Developers property in Bangalore, Karnataka, make sure to obtain a copy of the title report from the solicitor. Verify that there are no hidden conditions in the fine print or reservations by the state government.
Look for specific clearance reports. For example, if the construction is near a water body, ensure you check for environmental clearance. If the project is located near a heritage site, confirm any heritage reservations. At Aaruhi Developers, we ensure all necessary precautions and clearances are in place, so you won’t encounter any legal or title disputes. Keep in mind that without the proper title clearance, you may not be able to secure home loans.
Several permissions and approvals from relevant bodies are sought by Aaruhi Developers before embarking on the construction of any project. Without these clearances, the construction may come under scrutiny and litigation. Here is a list of documents and approvals that the builder must possess for all building work to commence in Mumbai:
Greater clarity on tax benefits to the purchaser of Aaruhi Developers property in Navi Mumbai, due to servicing of housing loan from specified financial institutions..
This section addresses the deduction available on interest paid on capital borrowed for the purpose of purchasing, constructing, repairing, renewing, or reconstructing property. The borrower is entitled to deduct the total interest payable on the housing loan from their taxable income in the same financial year.
Initially, the maximum amount eligible for deduction was Rs. 15,000 for self-occupied property. This limit was later raised to Rs. 30,000, then to Rs. 75,000, and eventually to Rs. 1 lakh. Currently, the deduction limit has been increased to Rs. 1.5 lakh.
Therefore, borrowers can now claim a deduction of up to Rs. 1.5 lakh on the interest paid for loans taken to purchase, construct, repair, renew, or reconstruct property, provided the loan was taken on or after April 1, 1999.
This deduction applies only if the property is acquired or constructed within 3 years from the end of the financial year in which the capital was borrowed, and the property is self-occupied. This is a significant benefit for homebuyers.
A deduction under Section 80C(2)(xviii) is available for repayment of principal during a financial year, up to a limit of Rs. 1,00,000. This limit is part of the overall Rs. 1 lakh cap specified under Section 80C of the Income Tax Act. Additionally, stamp duty, registration fees, and other expenses incurred for the transfer of the property to the assessee are also included in this amount. This deduction is made from the Gross Total Income.