Contact Info

Site office: Sky City sales office, besides Riddhi Vinayak Hospital, Nilemore, Virar (W)

Follow Us

Section 24 of Income Tax Act: Maximizing Tax Benefits for Your Future Investments | Sky City Virar

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.

Sky City Virar

© 2022 Unique Poonam Developers.

Get in Touch

Site office: Sky City sales office, besides Riddhi Vinayak Hospital, Nilemore, Virar (W)
Sky City Virar

Sky City Virar

Our Newsletter

Subscribe to our newsletter to get our news & deals delivered to you.

Managed & Developed by Terado Engineering pvt ltd.