What tax benefit can be availed on the maintenance charge of the society or what are the tax rules on home loan. Today we are going to tell you the answers to some questions related to these.
new Delhi. People invest in different schemes to get exemption in Income Tax. There are many types of questions in people’s mind regarding tax payment. Like what tax benefit can be available on the maintenance charge of the society or what are the tax rules on home loan. Today we are going to tell you the answers to some questions related to these.
Suppose the home loan is in the name of both husband and wife but the EMI is being borne by the husband, in such a situation the question arises whether he will get tax benefit if the property tax is paid from the wife’s bank account. So let us tell you that in such a case, no tax benefit rules will be applicable to the wife. Apart from this, no additional benefit is available on any type of property related expenses.
Benefit in tax
Explain that women are given a lot of benefits in income tax. If there is a property in their name, then they are given a lot of benefits. In such a situation, by doing a little calculation on the property of women, more tax can be saved. Therefore, a lot of tax can be saved by doing property in the name of women.
Home loan also helps
If you are buying a property through loan, then in this situation women get a lot of benefit in home loan. They get loans at cheaper rates and men may have to pay more interest. For example, State Bank of India gives a discount of 0.05 percent i.e. 5 basis points to women on taking home loans. In such a situation, buying a property in the name of women can be a good decision for you.
Some municipal corporations also give property tax exemption to women. Here also the property tax rate may vary from one municipal corporation to another. In such a situation, you will have to check the rate of property tax once, at what rate property tax is levied in your state. However, it has to be kept in mind that women will get the benefit of property tax only if that property is also registered in the name of the woman.
