{"id":6070,"date":"2023-12-07T11:35:33","date_gmt":"2023-12-07T06:05:33","guid":{"rendered":"https:\/\/simplemyfiling.com\/?p=6070"},"modified":"2023-12-07T11:37:03","modified_gmt":"2023-12-07T06:07:03","slug":"how-to-save-tax-on-purchase-of-new-property-flat","status":"publish","type":"post","link":"https:\/\/simplemyfiling.com\/index.php\/2023\/12\/07\/how-to-save-tax-on-purchase-of-new-property-flat\/","title":{"rendered":"HOW TO SAVE TAX ON PURCHASE OF NEW PROPERTY\/FLAT"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"6070\" class=\"elementor elementor-6070\">\n\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a080083 e-flex e-con-boxed e-con e-parent\" data-id=\"a080083\" data-element_type=\"container\" data-settings=\"{&quot;content_width&quot;:&quot;boxed&quot;}\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e301a2e eael-dual-header-content-align-center elementor-widget elementor-widget-eael-dual-color-header\" data-id=\"e301a2e\" data-element_type=\"widget\" data-widget_type=\"eael-dual-color-header.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\n\t\t        <div class=\"eael-dual-header\">\n\t\t\t\t<h2 class=\"title\"><span  class=\"lead solid-color\">HOW TO SAVE TAX ON PURCHASE OF<\/span> <span> NEW PROPERTY\/FLAT<\/span><\/h2>\n\t\t\t\t<span class=\"subtext\"><\/span>\n\t\t\t\t<\/div>\n\t\n\t\t\n\t\t\n\t\t\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-375a9e09 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"375a9e09\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-515d5dcd\" data-id=\"515d5dcd\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6580e071 elementor-widget elementor-widget-text-editor\" data-id=\"6580e071\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.17.0 - 08-11-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><!-- wp:group {\"layout\":{\"type\":\"constrained\"}} --><\/p>\n<div>\n<figure style=\"text-align: left;\">\n<ul>\n<li>\n<div class=\"flex-1 overflow-hidden\">\n<div class=\"react-scroll-to-bottom--css-sojdz-79elbk h-full\">\n<div class=\"react-scroll-to-bottom--css-sojdz-1n7m0yu\">\n<div class=\"flex flex-col pb-9 text-sm\">\n<div class=\"w-full text-token-text-primary\" data-testid=\"conversation-turn-482\">\n<div class=\"px-4 py-2 justify-center text-base md:gap-6 md:py-6 m-auto\">\n<div class=\"flex flex-1 text-base mx-auto gap-3 md:px-5 lg:px-1 xl:px-5 md:max-w-3xl lg:max-w-[40rem] xl:max-w-[48rem] } group final-completion\">\n<div class=\"relative flex w-full flex-col lg:w-[calc(100%-115px)] agent-turn\">\n<div class=\"flex-col gap-1 md:gap-3\">\n<div class=\"flex flex-grow flex-col max-w-full\">\n<div class=\"min-h-[20px] text-message flex flex-col items-start gap-3 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" data-message-author-role=\"assistant\" data-message-id=\"737c554f-f147-41ce-ac4c-b619ce5b2328\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<div class=\"flex-1 overflow-hidden\">\n<div class=\"react-scroll-to-bottom--css-cndfi-79elbk h-full\">\n<div class=\"react-scroll-to-bottom--css-cndfi-1n7m0yu\">\n<div class=\"flex flex-col pb-9 text-sm\">\n<div class=\"w-full text-token-text-primary\" data-testid=\"conversation-turn-23\">\n<div class=\"px-4 py-2 justify-center text-base md:gap-6 m-auto\">\n<div class=\"flex flex-1 text-base mx-auto gap-3 md:px-5 lg:px-1 xl:px-5 md:max-w-3xl lg:max-w-[40rem] xl:max-w-[48rem] } group final-completion\">\n<div class=\"relative flex w-full flex-col lg:w-[calc(100%-115px)] agent-turn\">\n<div class=\"flex-col gap-1 md:gap-3\">\n<div class=\"flex flex-grow flex-col max-w-full\">\n<div class=\"min-h-[20px] text-message flex flex-col items-start gap-3 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" data-message-author-role=\"assistant\" data-message-id=\"edb024b9-af40-46a8-a3ca-b034b14f3231\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<div class=\"flex-1 overflow-hidden\">\n<div class=\"react-scroll-to-bottom--css-cndfi-79elbk h-full\">\n<div class=\"react-scroll-to-bottom--css-cndfi-1n7m0yu\">\n<div class=\"flex flex-col pb-9 text-sm\">\n<div class=\"w-full text-token-text-primary\" data-testid=\"conversation-turn-35\">\n<div class=\"px-4 py-2 justify-center text-base md:gap-6 m-auto\">\n<div class=\"flex flex-1 text-base mx-auto gap-3 md:px-5 lg:px-1 xl:px-5 md:max-w-3xl lg:max-w-[40rem] xl:max-w-[48rem] } group final-completion\">\n<div class=\"relative flex w-full flex-col lg:w-[calc(100%-115px)] agent-turn\">\n<div class=\"flex-col gap-1 md:gap-3\">\n<div class=\"flex flex-grow flex-col max-w-full\">\n<div class=\"min-h-[20px] text-message flex flex-col items-start gap-3 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" data-message-author-role=\"assistant\" data-message-id=\"f4995fcd-5e15-4b91-ad0a-6be1eff783d0\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<div class=\"flex-1 overflow-hidden\">\n<div class=\"react-scroll-to-bottom--css-cndfi-79elbk h-full\">\n<div class=\"react-scroll-to-bottom--css-cndfi-1n7m0yu\">\n<div class=\"flex flex-col pb-9 text-sm\">\n<div class=\"w-full text-token-text-primary\" data-testid=\"conversation-turn-37\">\n<div class=\"px-4 py-2 justify-center text-base md:gap-6 m-auto\">\n<div class=\"flex flex-1 text-base mx-auto gap-3 md:px-5 lg:px-1 xl:px-5 md:max-w-3xl lg:max-w-[40rem] xl:max-w-[48rem] } group final-completion\">\n<div class=\"relative flex w-full flex-col lg:w-[calc(100%-115px)] agent-turn\">\n<div class=\"flex-col gap-1 md:gap-3\">\n<div class=\"flex flex-grow flex-col max-w-full\">\n<div class=\"min-h-[20px] text-message flex flex-col items-start gap-3 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" data-message-author-role=\"assistant\" data-message-id=\"ffca16dc-dd52-41ff-bd5f-c4c3955b8a98\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<div class=\"flex-1 overflow-hidden\">\n<div class=\"react-scroll-to-bottom--css-gzrmd-79elbk h-full\">\n<div class=\"react-scroll-to-bottom--css-gzrmd-1n7m0yu\">\n<div class=\"flex flex-col pb-9 text-sm\">\n<div class=\"w-full text-token-text-primary\" data-testid=\"conversation-turn-17\">\n<div class=\"px-4 py-2 justify-center text-base md:gap-6 m-auto\">\n<div class=\"flex flex-1 text-base mx-auto gap-3 md:px-5 lg:px-1 xl:px-5 md:max-w-3xl lg:max-w-[40rem] xl:max-w-[48rem] } group final-completion\">\n<div class=\"relative flex w-full flex-col lg:w-[calc(100%-115px)] agent-turn\">\n<div class=\"flex-col gap-1 md:gap-3\">\n<div class=\"flex flex-grow flex-col max-w-full\">\n<div class=\"min-h-[20px] text-message flex flex-col items-start gap-3 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" data-message-author-role=\"assistant\" data-message-id=\"989bbce5-720f-49eb-aada-08b83df18d4f\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<p><strong>Tax Saving on Purchase of New Property\/Flat:<\/strong><\/p>\n<ol>\n<li>\n<p><strong>Deduction under Section 80C:<\/strong><\/p>\n<ul>\n<li>You can claim a deduction of up to Rs. 1.5 lakh under Section 80C for the principal repayment of the home loan for the new flat.<\/li>\n<\/ul>\n<\/li>\n<li>\n<p><strong>Deduction under Section 24:<\/strong><\/p>\n<ul>\n<li>Section 24 allows a deduction of up to Rs. 2 lakh for the interest paid on a home loan for a self-occupied property.<\/li>\n<\/ul>\n<\/li>\n<li>\n<p><strong>Deduction for First-Time Homebuyers (Section 80EEA):<\/strong><\/p>\n<ul>\n<li>First-time homebuyers can claim an additional deduction of up to Rs. 1.5 lakh for interest paid on the home loan, subject to specified conditions.<\/li>\n<\/ul>\n<\/li>\n<li>\n<p><strong>Joint Home Loan:<\/strong><\/p>\n<ul>\n<li>If purchasing jointly, co-borrowers can individually claim deductions under Sections 80C and 24 based on their ownership share.<\/li>\n<\/ul>\n<\/li>\n<li>\n<p><strong>Capital Gains Exemption (Section 54):<\/strong><\/p>\n<ul>\n<li>If using the proceeds from the sale of a capital asset (like property) to purchase a new residential property, you can claim an exemption under Section 54.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<p><strong>Settling Capital Gains Tax:<\/strong><\/p>\n<ol>\n<li>\n<p><strong>Invest in Capital Gains Bonds (Section 54EC):<\/strong><\/p>\n<ul>\n<li>Invest capital gains in specified bonds within six months to claim exemption. The maximum limit for such investment is Rs. 50 lakhs in a financial year.<\/li>\n<\/ul>\n<\/li>\n<li>\n<p><strong>Purchase a Residential Property (Section 54):<\/strong><\/p>\n<ul>\n<li>Utilize the proceeds from the sale of a property to buy or construct another residential property to claim exemption under Section 54.<\/li>\n<\/ul>\n<\/li>\n<li>\n<p><strong>Invest in Equity Linked Savings Scheme (ELSS):<\/strong><\/p>\n<ul>\n<li>ELSS investments can help in settling capital gains tax by offering deductions under Section 80C.<\/li>\n<\/ul>\n<\/li>\n<li>\n<p><strong>Offset Capital Losses:<\/strong><\/p>\n<ul>\n<li>Offset capital losses against capital gains. Losses can be carried forward for up to eight years.<\/li>\n<\/ul>\n<\/li>\n<li>\n<p><strong>Pay Advance Tax:<\/strong><\/p>\n<ul>\n<li>Pay advance tax on quarterly basis if you have earned capital gains during the financial year.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<p><strong>Section 54 of Capital Gain:<\/strong><\/p>\n<p><strong>Limitations under Section 54:<\/strong><\/p>\n<ol>\n<li>\n<p><strong>Investment in One Residential Property:<\/strong><\/p>\n<ul>\n<li>Exemption is available only if the proceeds are invested in one residential property.<\/li>\n<\/ul>\n<\/li>\n<li>\n<p><strong>Time Limit for Investment:<\/strong><\/p>\n<ul>\n<li>New property must be purchased or constructed within two years from the date of sale.<\/li>\n<\/ul>\n<\/li>\n<li>\n<p><strong>Value of New Property:<\/strong><\/p>\n<ul>\n<li>Exemption is limited to the cost of the new residential property.<\/li>\n<\/ul>\n<\/li>\n<li>\n<p><strong>Sale of New Property:<\/strong><\/p>\n<ul>\n<li>If the new property is sold within three years, the exemption claimed earlier will be reversed.<\/li>\n<\/ul>\n<\/li>\n<li>\n<p><strong>Holding Period:<\/strong><\/p>\n<ul>\n<li>Original residential property must be held for at least two years to qualify as a long-term capital asset.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<p>It&#8217;s advisable to consult with a tax professional for personalized advice based on your specific situation. Tax laws are subject to change, and it&#8217;s crucial to stay updated with the latest amendments.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<\/figure>\n<\/div>\n<p><!-- \/wp:paragraph --><!-- wp:post-date \/--><!-- wp:post-author \/--><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>HOW TO SAVE TAX ON PURCHASE OF NEW PROPERTY\/FLAT Tax Saving on Purchase of New Property\/Flat: Deduction under Section 80C: You can claim a deduction of up to Rs. 1.5 lakh under Section 80C for the principal repayment of the home loan for the new flat. Deduction under Section 24: Section 24 allows a deduction [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5351,"comment_status":"closed","ping_status":"open","sticky":false,"template":"elementor_theme","format":"standard","meta":{"_joinchat":[]},"categories":[415],"tags":[554,417],"blocksy_meta":"","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>HOW TO SAVE TAX ON PURCHASE OF NEW PROPERTY\/FLAT | simplemyfiling<\/title>\n<meta name=\"description\" content=\"Optimize tax savings on the purchase of a new property\/flat. 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Deduction under Section 24: Section 24 allows a deduction&hellip;","_links":{"self":[{"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/posts\/6070"}],"collection":[{"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/comments?post=6070"}],"version-history":[{"count":4,"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/posts\/6070\/revisions"}],"predecessor-version":[{"id":6074,"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/posts\/6070\/revisions\/6074"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/media\/5351"}],"wp:attachment":[{"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/media?parent=6070"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/categories?post=6070"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/tags?post=6070"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}