How to Get Home Loan Tax Benefits up to Rs.5 Lakh
As a prospective homebuyer, when it comes to financing your purchase, you can either do it out of pocket or by opting for a home loan. The latter is a popular choice for many, simply because it eases the financial burden incurred and offers a range of perks as well. For instance, when you opt for this instrument, you can avail of home loan tax benefits, and these can help you save a significant amount of money every year.
You can now get your dream home without any hesitation as you can avail of annual home loan tax benefit up to Rs.5 lakh. This includes deductions on the interest paid, principal repaid and other charges during the process. Considering that you can save a lot of money through home loan tax benefits, you need to be aware of the current tax provisions applicable to you. Typically, a chartered accountant should be able to advise on this, but a digital home loan tax benefit calculator can also help you prudently manage your finances.
To understand your home loan tax benefits, take a look at the following pointers.
Tax benefits under Section 80C
Under Section 80C you can avail of tax deduction on principal repayment made in a given financial year. The total deduction available is up to Rs.1.5 lakh and here are the different provisions to keep in mind.
You can claim deductions under Section 80C for stamp duty and registration payments. These will fall under the total deduction limit for that year, can be claimed just once and only in the year that they are incurred.
- You can claim a deduction of up to Rs.1.5 lakh annually, for principal repayment against home loans taken for let-out properties and self-occupied.
- To claim under Section 80C, the construction of your property must be completed.
- To claim the deduction, you must not sell your property for the next 5 years of purchasing it.
- In case you do sell your house within 5 years of its possession, the total deduction amount claimed in the previous years will be added to your total taxable income for the year that you make the sale.
Tax benefits under Section 24B
In addition to the home loan tax benefits applicable on principal repayments, the interest you pay on your home loan enjoys deductions too. Under Section 24 of the IT Act, you can claim up to Rs.2 lakh as a deduction for the interest repaid in a given financial year on self-occupied properties. In the case of a let-out property, there is no upper limit to the amount you can claim as a deduction, provided it doesn’t exceed the actual interest paid.
On the other hand, interest deductions vary in case the property is under construction. Under Section 24B, you can claim a pre-construction interest deduction wherein the total interest paid is divided into 5 equal instalments with a maximum limit of Rs.2 lakh. However, this is only applicable if the construction is completed within 5 years, if not then only Rs.30,000 is deductible.
Tax benefits under Section 80EE and 80EEA
Under Section 80EE, first-time homeowners can claim a further deduction of up to Rs. 50,000 on the interest paid every year, over and over the existing Section 24 deduction. Additionally, up to Rs.1.5 lakh can be claimed by first-time homeowners under Section 80EEA, provided that you meet the requirements. Do note that you may only claim deductions under either one of these provisions and not both.
Based on this information, it is clear that the home loan tax benefits applicable can greatly reduce the financial burden of buying a home. Being well-informed about various home loan tax benefits gives you an edge in managing your long-term financial goals and ensures sustained wealth creation. Now that you are well aware of the vast scope of your home loan tax benefits make your dreams of owning a home come true by opting for a Bajaj Housing Finance Home Loan.
Bajaj Housing Finance Limited offers an easy application process, a competitive home loan interest rate, simple home loan eligibility criteria, a lengthy tenor up to 30 years. Apply from the comfort of your home using the Bajaj Finance E-home loan facility with minimal documentation. If you’re already servicing a home loan, opt for the easy Home Loan Balance Transfer facility on offer to avail more suitable loan terms and repay with ease. To get started apply online by filling the easy form and sharing basic information.
A Guide To Finding The Right Self-Storage Facility
Self-storage solutions can be useful for individuals who require more space to keep their belongings stored and safe for an extended period of time. Whether you are relocating, reducing your living space, or need more storage for your belongings, these services can provide a secure and safe option. However, not all storage facilities are of the same quality. Here are some tips to help you identify the most suitable facility for your needs. After reading, you can search for a “self-storage near me” with confidence.
Location Is Key
One of the most important aspects to consider when selecting a storage facility is the location. You should choose a facility that is readily accessible and convenient for you to reach, especially If you intend to visit your unit frequently, selecting a facility close to your place of work or home will make your life easier.
Additionally, you should consider the surrounding environment. Is the facility located in a secure and safe neighborhood? How is parking and traffic in the area? These are the questions you should ask when searching for a self-storage near me.
The Facility Offers a Variety of Unit Sizes
The range of unit sizes is another crucial factor to keep in mind. You never know when you may need to downgrade or upgrade in size; having that option is extremely beneficial. Therefore, searching for a facility that provides a diverse selection of unit sizes is essential, enabling you to find the one that suits your specific requirements.
Climate Control Environment Will Keep Your Belongings Safe
If you intend to store items vulnerable to humidity and temperature fluctuations, such as electronics, antiques, or artwork, searching for a “self-storage near me” like SecureSpace that provides climate-controlled units is advisable. These units are specially designed to regulate the temperature and humidity levels to safeguard your belongings from damaging weather conditions.
Security Should Always Be a Priority
When selecting a self-storage facility, security is of utmost importance. You should search for a “self-storage near me” with advanced security measures, such as 24-hour surveillance cameras, gated access, and on-site management. These measures are essential in protecting your belongings from theft, vandalism, and damage. Additionally, some facilities provide individual alarms for each unit, which can alert the facility’s management and local police in case of an attempted break-in.
Online Billing Makes Your Life Easier
Another crucial aspect to consider when searching for a “self-storage near me” is if they offer online billing. You’ll be surprised how many storage unit services still don’t do this. This feature makes it easy to manage your account, pay rent on time, and avoid late fees. Opting for a facility that provides online billing will make your life much easier.
Select The Right Self-Storage Unit For You
Selecting the right self-storage facility for your belongings is critical in ensuring the safety and security of your stuff. By considering the factors mentioned above, you can search for a self-storage near me that satisfies your requirements and offers you peace of mind that your possessions will be safe.
4 Ways to Make Your Workplace a More Fun Space to Work in and Grow
Have you noticed lately that the atmosphere at your workplace is not as vibrant as it used to be? Does it appear to be like your colleagues are not as productive and invested in work-related tasks?
If that’s the case, then you simply must do something about it. I’m referring to productivity-boost steps that will encourage them to become more engaged. If you need some awesome tips when it comes to this, then cast your eyes on these ideas below!
Opt For Bulletin Boards
Here’s an idea that will for sure streamline communication between your workers. Both online and traditional are very effective, save a bunch of time, and provide people with some relevant information.
What I love about them the most is the fact that they offer that sense of community at the workplace, which is frequently forgotten or overlooked, and will give to people that sense of belonging, which is always a nice thing.
There are a number of ways you can create bulletin boards. If you do not have the slightest idea how to make one, then browse the web to hunt down the websites that will help you get creative with your bulletin board, and make something that everyone will like. You’ll quickly conclude that internal communication has been enhanced.
Embellish Your Office
Work is not always fun, and at times, it can be extremely overwhelming and tiresome, thereby, it wouldn’t hurt to decorate your workspace, so that your employees can feel more relaxed and comfortable.
At the end of the day, there’s nothing stimulating or visually appealing in spaces that are plain, and somewhat soulless. Bear in mind that all of you spend a large amount of time in the office, hence it’s of huge importance to create an environment that’s pleasant. This way, your colleagues will look forward to working.
Fun Is Always Welcome!
As I previously stated, all of you are going to spend a significant amount of time at the office, and the tasks all of you will have to execute will not always be smooth sailing, therefore, it’s always recommendable to jazz things up by incorporating something that’s amusing and that’s going to make everyone feel happy and entertained.
For example, if I were you, I would split the workday with short breaks during which you won’t discuss anything that’s work-related. Of course, implementing this will depend on the setup of the workplace, and the preferences of your co-workers.
If you notice that they are moody, you can always send them something that’s fun, and that’s going to make them laugh. Just be sure it’s not anything inappropriate.
It doesn’t mean that you should be besties with your colleagues, however, I firmly believe that occasional days and nights out are going to make everybody content and will make them feel like they are not perceived as some working machines, but as humans too!
There’s no denying that work can oftentimes be very stressful, and sometimes you cannot control these things. However, what you can do is follow these tips above to make things slightly better.
4 Common Sales Strategy Mistakes and How to Avoid Them
There is a broad range of factors that must be taken into account when developing the ideal product or service, including the market, rivals, talent, the status of the economy, and laws and regulations. To be effective, a sales strategy has to be supported by an organization’s culture as well as its resources, personnel, and mentality. In order to establish whether or not a plan is compatible with their organization, leaders must first analyze the plan’s foundation. To do so, it is necessary to take a close look at the four common errors that lead to unsuccessful methods.
Excessive Product Promotion
Client meetings are sometimes derailed by a focus on promoting the business and product at the expense of listening to the needs of the customer. They overlook a crucial fact, namely that people purchase from other people rather than from lists of features.
Find a way to engage with the customer on a more personal level. Find out what problems they’re having and how your solution can solve them, then sell them on the idea. As the folks at Bizpedia.co say, a customer’s engagement level with a business can also impact the closing ratio. Use the phone conversation to pick up on hints and switch gears from work to something more interesting. First, sell yourself, then listen, and last, offer your wares.
Failing to Employ a Sales Manager
It’s been some time, and business seems promising. It seems like things are going in the right direction, so you’re considering adding to the staff. No, what you need is a sales manager, not additional salespeople.
You need an experienced person to help you hone your brand-new method and manage the expansion of your sales crew. Often, entry-level sales managers excel at optimizing already-established systems but struggle when it comes to creating brand-new groups and procedures from scratch. As your sales team reaches around 10 to 15 people, it’s time to level up.
Failing to Hire a Sales Leader
Hiring a manager to supervise the sales managers is the next logical step for expanding the company’s sales. You need a Vice President of Sales who has grown a firm to which you want to be comparable in a few years’ time. This individual will be a genuine sales leader. He would be focusing on things like strategy, expansion, reorganization, the completion of bigger agreements, and the mentoring of sales managers.
Hiring One or Too Many Salesman
A new salesperson’s second-worst error is hiring only one other salesperson to work under them. Having a sales team of two or more people gives you the ability to test out new ideas, compete, and experiment. On the other hand, having an excessive number of salespeople demands a significant amount of financial resources, which may have an impact on your business. If you recruit an excessive number of salesmen in a short period of time, your company’s financial reserves will be used up like race gasoline.
Your sales plan must be developed with your business objectives in mind. While developing a new strategy or even just making adjustments to an existing one, it’s important to get feedback from workers and other important stakeholders to make sure the changes are feasible. If you follow these steps, you’ll be well on your way to developing a successful and long-lasting sales plan.
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