- 20 Checklist Point - Tax Planning
- The 20th point on the checklist for property purchasers, by 11SquareFeet / Amit Raut:
You can save on taxes under Section 80C of the Income Tax Act on the principal amount of your home loan. When you purchase a home for residential purposes, whether it's an apartment or a standalone house, you can avail tax deductions of up to 1.5 lakh rupees on your home loan.
Tax planning is the best way to reduce your tax liability, and there are various tax-saving plans available in the market. One of the most effective strategies is to purchase a property using a home loan and claim tax savings on the interest component of your EMIs (Equated Monthly Installments).
The amount of tax you are liable to pay is based on the value of your property. Therefore, it's essential to understand your tax responsibilities before making a purchase.
To comprehend the remaining 31 points on the checklist, stay with us and follow 11SquareFeet's guidance. If you find this video helpful, please share it with others. By doing so, you can help others avoid potential losses when buying property in the future. Start saving now!