Buying a home is one of the most significant financial decisions one can make, and it comes with multiple benefits beyond just ownership. One of the most compelling reasons to invest in a residential property is the range of tax benefits offered by the Indian government. These benefits help in reducing the overall financial burden of homeownership while allowing buyers to maximize their returns.
For those considering a home at Global Peak Horizon, the tax incentives make this investment even more attractive. Located in the thriving real estate hub of Hinjewadi, this project offers a premium lifestyle along with financial advantages. Understanding the available tax benefits can help buyers make an informed decision while optimizing their investment at Global Peak Horizon Hinjewadi.
Tax Deductions on Home Loan Interest Under Section 24(b)
One of the major benefits of buying a home at Global Peak Horizon Hinjewadi Pune is the deduction available on the interest paid on a home loan. Under Section 24(b) of the Income Tax Act, homebuyers can claim a deduction of up to ₹2 lakh annually on the interest portion of their home loan if the property is self-occupied.
For those purchasing a home at Global Peak Horizon Hinjewadi Phase 2 for rental purposes, there is no upper limit on the interest deduction. This means investors looking for rental income can benefit significantly by reducing their taxable income through this provision.
Tax Benefits on Principal Repayment Under Section 80C
Another key tax benefit available to buyers of Global Peak Horizon Pune is the deduction under Section 80C of the Income Tax Act. This provision allows homebuyers to claim a deduction of up to ₹1.5 lakh per year on the principal repayment of their home loan.
This deduction is available only if the property is held for at least five years. Selling the property before this period will lead to a reversal of the tax benefits claimed under this section.
Additional Benefits Under Section 80EE for First-Time Buyers
First-time homebuyers of Global Peak Horizon by Global Group can take advantage of an extra tax deduction under Section 80EE. This section allows an additional deduction of up to ₹50,000 per year on home loan interest. However, to qualify for this benefit, the loan amount must not exceed ₹35 lakh, and the property value must be below ₹50 lakh.
With Global Peak Horizon Hinjewadi Phase 2 Pune offering competitively priced homes in a high-growth area, first-time buyers can leverage this deduction to further optimize their investment.
Additional Deduction Under Section 80EEA for Affordable Housing
Homebuyers opting for Global Peak Horizon Hinjewadi Phase 2 Hinjewadi may also benefit from the provisions of Section 80EEA. This section allows an additional deduction of up to ₹1.5 lakh on home loan interest, provided the property falls under the affordable housing category.
To qualify, the stamp duty value of the property should not exceed ₹45 lakh, and the loan should be sanctioned within the specified time frame. This benefit is particularly useful for middle-income buyers looking for a premium yet affordable home at Peak Horizon.
Tax Savings on Joint Home Loans
If you plan to purchase a home at Peak Horizon Hinjewadi Pune with a co-borrower, you can significantly enhance your tax savings. When a home loan is taken jointly, each borrower can claim tax benefits separately on both the interest and principal repayments.
This means a couple buying a home at Peak Horizon Hinjewadi Phase 2 Pune can claim deductions of up to ₹4 lakh on home loan interest and ₹3 lakh on principal repayment, effectively doubling their tax savings.
Stamp Duty and Registration Fee Deductions Under Section 80C
In addition to home loan-related benefits, buyers at Peak Horizon Pune can also claim a deduction on stamp duty and registration charges under Section 80C. The maximum deduction allowed is ₹1.5 lakh, which is part of the overall limit of this section.
Since these charges are one-time expenses incurred during property registration, it is advisable to claim them in the same financial year of purchase to maximize savings.
Capital Gains Tax Exemptions for Long-Term Investors
Investors purchasing a home at Peak Horizon by Global Group can also benefit from capital gains tax exemptions. If the property is held for more than two years, any profits earned on its sale are treated as long-term capital gains and taxed at a lower rate of 20% with indexation benefits.
Additionally, under Section 54, if the gains from selling a property are reinvested in another residential property within a specified time frame, the capital gains tax can be exempted. This makes Peak Horizon Hinjewadi Phase 2 Hinjewadi an excellent investment option for those planning long-term wealth creation.
HRA Benefits for Those Owning a Home but Living on Rent
If you purchase a home at Global Peak Horizon Hinjewadi but continue living in another city or location on rent, you can claim both House Rent Allowance (HRA) and home loan tax deductions. This is applicable under specific conditions where the property purchased is not the primary place of residence.
For professionals working in different cities but investing in Global Peak Horizon Hinjewadi Phase 2 Pune, this benefit helps in maximizing tax savings while building a valuable real estate asset.
Why Global Peak Horizon is a Smart Investment Choice
Apart from the attractive tax benefits, investing in Global Peak Horizon Pune provides a range of advantages. This premium residential project is located in Hinjewadi, one of Pune’s fastest-growing IT hubs. With excellent connectivity to major business parks, top educational institutions, healthcare facilities, and entertainment zones, the project is ideal for homeowners and investors alike.
Peak Horizon by Global Group offers thoughtfully designed residences with world-class amenities, ensuring a luxurious and comfortable lifestyle. The ongoing infrastructure developments, including the metro line and expressway expansion, further enhance the investment potential of this project.
Conclusion
Buying a home at Global Peak Horizon is not just about securing a premium lifestyle but also about making a financially sound decision. With multiple tax benefits available under different sections of the Income Tax Act, homebuyers can reduce their overall tax liability while building long-term wealth.
Whether you are a first-time buyer, an investor looking for rental income, or someone planning to optimize tax savings, Peak Horizon Hinjewadi offers the perfect opportunity. With its strategic location, superior infrastructure, and financial advantages, investing in this project ensures both immediate savings and long-term appreciation.
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