Home Loan to save tax

[Maitri Maniya]

I am interested in purchasing a house on loan in Surat, Gujarat, to rent it out to save on taxes and build assets. I would appreciate any suggestions or advice on how to effectively achieve this goal

 

[anuragmukherjee28]

I would need to know how much you earn, how much money you have saved, and in how many years you want to achieve this goal. Then only I can help you provide a path.

 

[Tax with Ria]

I am interested in purchasing a house on loan in Surat, Gujarat, to rent it out to save on taxes and build assets. I would appreciate any suggestions or advice on how to effectively achieve this goal

Hello, for providing the complete answer to your question. I would like to know amount of loan you're taking and what is rent you'll be charging and how you should channelize your Income from house property to minimize taxes.
Let me know
1. Gross Rent Charged
2. Municipal tax paid
3. Interest on loan taken
4. Principal amount of loan
5. Which number of house you're buying, is it your first or second or third house?
6. What is your current salary or any you're earning any other Income from business or profession.
7. Your commitment to pay TDS under section 194 I

 

[Maitri Maniya]

I would need to know how much you earn, how much money you have saved, and in how many years you want to achieve this goal. Then only I can help you provide a path.

Currently, I earn approximately 1 lakh per month. In terms of timelines, I haven't set a specific goal, but I can comfortably afford to pay up to 50% of my salary towards the EMI each month.

Regarding the property, I am considering purchasing in Surat, Gujarat, my hometown. I haven't decided on the cost of the property yet. Given the goal of saving on taxes and building assets, would you recommend purchasing a flat or a house in Surat?

 

[anuragmukherjee28]

Currently, I earn approximately 1 lakh per month. In terms of timelines, I haven't set a specific goal, but I can comfortably afford to pay up to 50% of my salary towards the EMI each month.

Regarding the property, I am considering purchasing in Surat, Gujarat, my hometown. I haven't decided on the cost of the property yet. Given the goal of saving on taxes and building assets, would you recommend purchasing a flat or a house in Surat?

Surat is a great place to buy real estate and you can take a loan of around 50 lakhs rupees and then repay it for 20 years , attaching ss for the same.

so if you have any corpus previously saved, you can add it to this loan and can buy real estate worth rupees 60L-70L.

 

[Maitri Maniya]

1. Regarding the gross rent charged, I'm currently not sure about the rental yield as I haven't finalized the property yet. However, I aim to maximize the rental yield to ensure optimal returns.
2. As for municipal tax paid, I'll need to assess the property and its associated taxes once I finalize the purchase.
3. Regarding the interest on the loan taken, I'll provide the details once I secure the loan for the property.
4. Similarly, the principal amount of the loan will be determined once I finalize the property and secure the loan.
5. This will be my first home purchase.
6. My current salary is approximately 1 lakh per month, and I don't have any other income from business or profession at the moment.
7. I would need to assess the situation further before committing to any specific actions regarding section 194I.

 

[Maitri Maniya]

Surat is a great place to buy real estate and you can take a loan of around 50 lakhs rupees and then repay it for 20 years , attaching ss for the same.

so if you have any corpus previously saved, you can add it to this loan and can buy real estate worth rupees 60L-70L.

Could you kindly recommend reliable resources or platforms where I can explore real estate options in Surat? Additionally, I'm committed to repaying an additional 4-5 lakhs each year towards the loan.

 

[Tax with Ria]

1. Regarding the gross rent charged, I'm currently not sure about the rental yield as I haven't finalized the property yet. However, I aim to maximize the rental yield to ensure optimal returns.
2. As for municipal tax paid, I'll need to assess the property and its associated taxes once I finalize the purchase.
3. Regarding the interest on the loan taken, I'll provide the details once I secure the loan for the property.
4. Similarly, the principal amount of the loan will be determined once I finalize the property and secure the loan.
5. This will be my first home purchase.
6. My current salary is approximately 1 lakh per month, and I don't have any other income from business or profession at the moment.
7. I would need to assess the situation further before committing to any specific actions regarding section 194I.

Once you've finalized your property, you can share the details so that I can give you detailed tax advice.
Further, if you've collected Rental of more than 240000 p.a, then you've to file TDS return under 194I, for that you need to have TAN registration