There are more number of tax benefits on plots these days, than there ever was before. The benefits provided would double up if you are planning on constructing a house in that plot. The tax benefits would only be applicable to BDA approved sites and layouts in Sarjapur Road. Hence, make sure that the plot you are buying has BDA approval. Sarjapur Road houses numerous plots for sale. Pionier Lifestyle is a popular project among the plots for sale there.
As mentioned earlier, the tax benefits are more for a plot
that is bought with an intention of constructing a house, than one which is
Reduction in interest
Numerous plots in Sarjapur
Road has availed this benefit, according to the rule of national
taxation code. This is a huge benefit as it’s the interest of the loan that
bothers most people more than the loan itself.
Reduction in other
Along with the reduction in interest, there would also be a
reduction in things like the registration fees, the stamp duty etc., if claimed
in the same year. This will bring about a huge change in the total amount that
has to be repaid.
Reduction in second
You get a reduction in the interest rate even for the second
plot you buy, if it is for the construction of a house.
Many banks do not give loans for plots which are
non-residential. Also, in most cases they do not grant loans to village area
plots. Plots for sale in Sarjapur Road,
being a residential area right in the city, fulfils all this criteria and
hence, would definitely get loans sanctioned pretty easily, which in turn would
allow it to get various tax benefits.
Tax benefit on
There are very few tax benefits on plots which are not meant
for construction. But even if it is bought as just a plot, you can avail the
benefits later on, when you plan on building a house in it and would receive
them on the completion of the construction.