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EMI Calculator, Stamp Duty and Tax Benefits — everything you need to plan your home purchase.
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Stamp Duty and Registration
Stamp duty in Maharashtra is levied on property transactions across the State. The Maharashtra stamp duty and registration charges are charged under the Maharashtra Stamp Duty Act. To ease homeownership and boost the real estate sector amid the economic crisis caused by the Coronavirus pandemic, the Government of Maharashtra reduced the Stamp Duty in Maharashtra to 2-3{6b1b8794508e8ed2bdad9a062c3d0733fac2a5765b2b4e3ee0026195ef764b40} of the property value. However, starting in April 2022, the stamp duty in Maharashtra was reinstated.
Tax Benefits
Deduction of home loan interest: If you have taken out a home loan to purchase a property, you can claim a tax deduction on the interest you pay on the loan. This deduction is available under Section 24 of the Income Tax Act, 1961, and is limited to INR 2 lakhs for self-occupied properties. If the property is rented out, there is no upper limit on the amount that can be claimed as a deduction. For example, let’s say you take out a home loan of INR 50 lakhs at an interest rate of 8{6b1b8794508e8ed2bdad9a062c3d0733fac2a5765b2b4e3ee0026195ef764b40} per annum. The interest payable on the loan in the first year would be INR 4 lakhs. If the property is self-occupied, you can claim a tax deduction of up to INR 2 lakhs on this interest. This means you can save up to INR 60,000 in taxes (assuming a tax rate of 30{6b1b8794508e8ed2bdad9a062c3d0733fac2a5765b2b4e3ee0026195ef764b40}).