{"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<div class=\"elementor-element elementor-element-a080083 e-flex e-con-boxed e-con e-parent\" data-id=\"a080083\" data-element_type=\"container\" data-e-type=\"container\">\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-e-type=\"widget\" data-widget_type=\"eael-dual-color-header.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"eael-dual-header\">\n\t\t\t\t<h2 class=\"title eael-dch-title\"><span class=\"eael-dch-title-text eael-dch-title-lead lead solid-color\">HOW TO SAVE TAX ON PURCHASE OF<\/span> <span class=\"eael-dch-title-text\"> NEW PROPERTY\/FLAT<\/span><\/h2>\t\t\t<\/div>\n\n\t\t\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\" data-e-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\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\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-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><\/p>\n<div class=\"is-layout-constrained wp-block-group-is-layout-constrained\">\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><div class=\"wp-block-post-date\"><time datetime=\"2023-12-07T11:35:33+05:30\">7 December 2023<\/time><\/div><div class=\"wp-block-post-author\"><div class=\"wp-block-post-author__avatar\"><img alt='' src='https:\/\/secure.gravatar.com\/avatar\/5022b13facf0fd085ac80e8f9b743453a0f6fcedd6c9a2c43139a08621b8de13?s=48&#038;d=mm&#038;r=g' srcset='https:\/\/secure.gravatar.com\/avatar\/5022b13facf0fd085ac80e8f9b743453a0f6fcedd6c9a2c43139a08621b8de13?s=96&#038;d=mm&#038;r=g 2x' class='avatar avatar-48 photo' height='48' width='48' \/><\/div><div class=\"wp-block-post-author__content\"><p class=\"wp-block-post-author__name\">Himanshu sekhar<\/p><\/div><\/div><\/p>\t\t\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<\/div>\n\t\t<\/section>\n\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":{"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"_joinchat":[],"footnotes":""},"categories":[415],"tags":[554,417],"class_list":["post-6070","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax","tag-purchase-of-property","tag-tax"],"blocksy_meta":[],"jetpack_featured_media_url":"https:\/\/simplemyfiling.com\/wp-content\/uploads\/2023\/11\/money-2696228_640.jpg","jetpack_sharing_enabled":true,"rttpg_featured_image_url":{"full":["https:\/\/simplemyfiling.com\/wp-content\/uploads\/2023\/11\/money-2696228_640.jpg",640,363,false],"landscape":["https:\/\/simplemyfiling.com\/wp-content\/uploads\/2023\/11\/money-2696228_640.jpg",640,363,false],"portraits":["https:\/\/simplemyfiling.com\/wp-content\/uploads\/2023\/11\/money-2696228_640.jpg",640,363,false],"thumbnail":["https:\/\/simplemyfiling.com\/wp-content\/uploads\/2023\/11\/money-2696228_640-150x150.jpg",150,150,true],"medium":["https:\/\/simplemyfiling.com\/wp-content\/uploads\/2023\/11\/money-2696228_640-300x170.jpg",300,170,true],"large":["https:\/\/simplemyfiling.com\/wp-content\/uploads\/2023\/11\/money-2696228_640.jpg",640,363,false],"1536x1536":["https:\/\/simplemyfiling.com\/wp-content\/uploads\/2023\/11\/money-2696228_640.jpg",640,363,false],"2048x2048":["https:\/\/simplemyfiling.com\/wp-content\/uploads\/2023\/11\/money-2696228_640.jpg",640,363,false],"woocommerce_archive_thumbnail":["https:\/\/simplemyfiling.com\/wp-content\/uploads\/2023\/11\/money-2696228_640.jpg",300,170,false],"woocommerce_thumbnail":["https:\/\/simplemyfiling.com\/wp-content\/uploads\/2023\/11\/money-2696228_640-300x170.jpg",300,170,true],"woocommerce_single":["https:\/\/simplemyfiling.com\/wp-content\/uploads\/2023\/11\/money-2696228_640-600x340.jpg",600,340,true],"woocommerce_gallery_thumbnail":["https:\/\/simplemyfiling.com\/wp-content\/uploads\/2023\/11\/money-2696228_640-100x100.jpg",100,100,true]},"rttpg_author":{"display_name":"Himanshu sekhar","author_link":"https:\/\/simplemyfiling.com\/index.php\/author\/simplemyfilinggmail-com\/"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/simplemyfiling.com\/index.php\/category\/tax\/\" rel=\"category tag\">Tax<\/a>","rttpg_excerpt":"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;","_links":{"self":[{"href":"https:\/\/simplemyfiling.com\/index.php\/wp-json\/wp\/v2\/posts\/6070","targetHints":{"allow":["GET"]}}],"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}]}}