Legal Permissions and Approvals :
Several permissions and approvals from relevant bodies are sought by Us before embarking on the construction of any project. Here is a list of documents and approvals that the builder must possess for all building work to commence in Mumbai:
- ULC order (in Some cases)
- IOD and CC of the project
- MCGM approved plan
Tax Benefits :
Greater clarity on Tax Benefits to the purchaser of Us in Navi Mumbai, due to servicing of housing loan from specified financial institutions.
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.