Sky City, located in the serene suburb of Virar West, is a remarkable real estate
project that offers a perfect blend of luxury and comfort. Investing in a property in
Sky City not only provides a dream home but also brings several financial
benefits. In this blog, we will explore the various deductions and exemptions under
Section 24 of the Income Tax Act that homeowners in Sky City, Virar can avail
themselves of. This comprehensive guide will help you understand the tax
advantages associated with owning a property in Sky City.
Understanding Section 24 of the Income Tax Act:
Section 24 of the Income Tax Act pertains to the deductions available to
homeowners for the interest paid on housing loans. Residents can benefit from
this provision, as it allows them to claim deductions on the interest paid towards
their home loans. The deductions are classified into two categories: (a) Standard
Deduction and (b) Deduction on Interest.
a. Standard Deduction:
Homeowners can avail themselves of a standard
deduction of 30% of the Net Annual Value (NAV). The NAV is calculated by
deducting municipal taxes and other deductions from the actual rent received or
deemed to be received. This deduction is available to all property owners,
irrespective of whether they have taken a housing loan.
b. Deduction on Interest:
If you have taken a housing loan to purchase a property
you can claim an additional deduction on the interest paid towards the loan. The
maximum amount deductible under this section is up to ₹2 lakhs per year for
self-occupied properties. In the case of properties that are rented out, the entire
interest paid can be claimed as a deduction.
Benefits for Homebuyers in Sky City, Virar:
Investing in real estate in Sky City, Virar offers several tax benefits to homebuyers.
Let's explore some of the advantages:
a. Principal Repayment:
Apart from the deductions mentioned under Section 24,
homeowners can claim deductions on the principal amount repaid towards their
housing loans under Section 80C of the Income Tax Act. This deduction is subject
to a maximum limit of ₹1.5 lakhs per year.
b. Affordable Housing:
Sky City offers 1BHK flats, making it an attractive choice for
first-time homebuyers. The affordable pricing combined with tax benefits makes
it a wise investment for individuals looking to own a home while maximizing their
tax savings.
c. OC Received Projects:
Sky City boasts OC received projects, ensuring that
homebuyers can enjoy immediate possession of their properties. This is a crucial
factor for those looking to claim tax benefits, as deductions are applicable only
once possession is received.
d. Luxurious Living Spaces:
The luxury apartments in Sky City, Virar West, are
designed to offer a premium lifestyle to their residents. Investing in such upscale
properties not only provides a comfortable living environment but also holds the
potential for higher returns on investment.
Investing in Flats in Virar West: A Smart Move-
Sky City, located in Virar West, has emerged as a sought-after real estate
destination due to its strategic location and excellent connectivity. Here are some
reasons why investing in flats in Virar West, especially in Sky City, is a smart move:
a. Growing Infrastructure:
Virar is witnessing significant infrastructural
developments, including the Virar-Alibaug Multi-Modal Corridor and the
proposed Virar-Bandra Link Road. These projects will enhance connectivity and
reduce travel time, making Virar West a prime residential location. Investing in
flats in Virar West, such as those in Sky City, ensures that you are part of a thriving
community with access to modern amenities and a well-connected
neighbourhood.
b. Affordable Pricing:
Compared to other suburbs in Mumbai and other
developers, Sky City in Virar West offers relatively affordable property prices. This
affordability factor, combined with the tax benefits available under Section 24 of
the Income Tax Act, makes investing in flats in Virar West an attractive proposition
for individuals seeking their dream home without compromising on their financial
goals.
c. Potential for Appreciation:
Virar West is witnessing steady growth in real estate
prices due to its developing infrastructure and increasing demand for residential
properties. Investing in Sky City, Virar presents an opportunity to capitalize on the
potential appreciation of property values in the future.
d. Quality Construction and Amenities:
Sky City, known for its quality construction
and contemporary design, offers a range of luxurious amenities to its residents.
From landscaped gardens and recreational facilities to 24x7 security and a
clubhouse, the project ensures a comfortable and convenient living experience.
Finally, Investing in real estate, not only provides a beautiful home but also offers
several tax benefits under Section 24 of the Income Tax Act. With deductions
available on interest paid and principal repayment, homeowners can maximize
their tax savings while enjoying the perks of luxurious living spaces in one of
Mumbai's emerging suburbs. Whether you're looking for flats in Virar, luxury
apartments in Virar West, or 1BHK flats in Virar, Sky City caters to diverse needs
and budgets. The affordable pricing, OC-received projects, and potential for
appreciation make Sky City an ideal choice for homebuyers. Take advantage of
the tax benefits and invest in Sky City, Virar, to secure a dream home that offers
both comfort and financial advantages.