2 and 3bhk flat in new panvel under construction

Legal & Tax Benefits

LEGAL

While purchasing a Millennium Group property in Navi Mumbai, get a copy of the title report by the solicitor of the property. Make sure that there are no conditions written in fine print and that there are no specific reservations by the state government.


Look for specific clearance reports. For instance, if the construction is near a seafront, you will need to check for a Coastal Regulation Zone (CRZ) clearance. If the project is being constructed over or in the close vicinity of a heritage building, you must check for any heritage reservations for the premises. We at Millennium Group have already taken the required precautions and clearances to ensure that you do not get stuck with a property that is, or may get caught in any sort of disputes. Since, lack of clearance of titles also means that you will not be able to avail home loans.

PERMISSIONS AND APPROVALS

Several permissions and approvals from relevant bodies are sought by Millennium Group 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 Navi Mumbai/Panvel:


Commencement Certificate

Fire NOC

Height Clearance (Airport NOC)

TAX BENEFITS


Section 24 of the Income Tax Act

This section deals with deduction available on Interest paid on capital borrowed for the purpose of purchase, construction, repair, renewal or reconstruction of property. The purchaser is allowed to deduct an amount equivalent to the total interest payable on the housing loan from his/her taxable income within the same financial year.


It began with Rs 15,000 being the maximum amount eligible for deduction in the case of self-occupied property. This later got doubled to Rs 30,000, then increased to Rs 75,000, and later enhanced to a limit of Rs 1 lakh. Currently, the limit stands elevated to Rs 1.5 lakh.


So borrowers now will enjoy a deduction of upto 1.5 lakh on interest paid, on loans taken to purchase, construct, repair, renew or reconstruct property, on or after April 1, 1999.


This applies only if the property is acquired or constructed within 3 years from the end of financial year in which the capital was borrowed and is self - occupied. A substantial figure, by any account.



AN EXAMPLE:

If taxable income is Rs 4. lakh

If interest payment during the first financial year is Rs 1.60 lakh

Taxable income then stands reduced to Rs 2.5 lakh (Rs 4 lakh - Rs 1.5 lakh (being the maximum tax deductable limit)

In this case, total tax will amount to Rs 24,720 (tax of Rs 24,000 + Education Cess Rs 480+ SHEC Rs. 240)

Tax saved will be Rs 46,350 (tax @30% on Rs 1.5 lakh plus 2% EC+ 1% SHEC, since purchaser is in the highest tax bracket)


Section 80C of the Income Tax Act

A deduction u/s 80C (2) (xviii) is available on repayment of principal during a financial year up to Rs. 1,00,000/-, this aforesaid limit is within the overall limit of Rs. 1 lakh specified in section 80C of the Income Tax Act. Stamp duty, registration fee or other such expenses paid for the purpose of transfer of such house property to the assessee is also considered under this amount. This deduction is from Gross Total Income.

Drop us a message

You're in the right place! Just drop us a message. How can we help?

Or see contact page
   

low budget flats in panvel

2 bhk flat in new panvel

1 bhk flat in panvel for sale

2bhk flat sale in new panvel

real estate agent in old panvel

property dealer navi mumbai, maharashtra

millennium groups project in panvel

low budget flats in new panvel

2 bhk flat in new panvel

under construction flats in new panvel

upcoming residential projects in new panvel

resale property in panvel near railway station

2 bhk flat for rent in new panvel

new panvel property rates

1 bhk flat in new panvelfor rent

millennium groups project in panvel

under construction residential projects in new panvel

2 bhk flats for sale in panvel near by D-mart

2 bhk flats in panvel near railway station

3 bhk resale flats in panvel

resale flat in panvel & new panvel

1 bhk resale flats in new panvel

2 bhk flats in new panvel near railway station

2 & 3 bhk  for sale in new panvel

2 bhk in panvel for sale

panvel property 1bhk

estate agents in old panvel

1 bhk flat for sale in new mumbai

2 bhk flat at panvel

2 bhk resale flats in new panvel

low budget flats in new panvel

1bhk ready flat in panvel

2 bhk flats in panvel near by macdonald

resale flats in navi mumbai

2 bhk flats in panvel under construction

2 bhk flat in kamothe for rent

ongoing projects in panvel

2 bhk flats in new panvel near macdonald

2 bhk flats in panvel near bus depo

1 bhk flat in panvel sector 35

resale row house in new panvel

1 bhk flat for sale in new panvel

1 bhk flat in panvel near railway station

millennium groups projects in panvel

property dealer in panvel

resale property in panvel near railway station

low budget flats in new panvel

1 bhk flat in kamothe for rent

2 bhk flats in navi mumbai for sale

1rk ready flat in panvel

panvel 1 bhk resale flat

1 bhk resale flat  at new panvel

resale property in panvel near railway station

property at new panvel

two bhk in new panvel

2 bhk flats in new panvel for rent

2 bhk flat for rent in new panvel

2bhk flat sale in new panvel

new launch project in panvel

2 bhk flats in panvel under construction

new panvel 2 bhk flat price

new construction in panvel near railway station

2bhk rent for new panvel

millennium groups projects in panvel

2 bhk flats in panvel under construction

2 bhk flat in new panvel under construction

2bhk low budget home in panvel near by D-mart

panvel railway station

1 bhk in panvel in 60 lakh

2 bhk flats in panvel near railway station

1 bhk flat in kamothe sector 35

2bhk millennium hiton projects in panvel

ready possession flats in panvel

millennium hilton in new panvel property

1 bhk flat in panvel station navi mumbai

2 bhk flat resale in new panvel

2bhk flat sale in new panvel

2 bhk resale flat in old panvel

ready to move flats in new panvel

real estate agents in panvel justdial

residential project in panvel resale property in panvel near railway station 2 bhk flat in panvel for sale without brokerage 2 & 3 bhk  for sale in new panvel resale flats in navi mumbai 1 & 2 bed flats for rent in panvel 2 bhk flat in old panvel 2 bhk flats in panvel for sale row house for sale in panvel 2 bhk flat for sale in  new panvel resale flat in panvel & new panvel resale flat in panvel & new panvel 2 bhk flats in panvel ready possession 1 bhk resale flats in new panvel resale flat in panvel & new panvel panvel property 1bhk new construction in panvel near railway station property in new panvel near railway station property in new panvel near railway station 2 bhk in new panvel