Legal View: Know the Sync between Property Construction and Income Tax Rules

Don’t feel relaxed only be receiving approval of home loan as the next step is construction of a residential unit/property which plays an important role for availing the Income Tax rebate. It might sound new to many of the aspiring homeowners particularly to those who wish to have an independent home/villa. But, take this seriously as things related to the construction of a property can make you lose huge money which can be earn back. So, consider the below-given points and pay attention to the timely completion of property construction.

Property Construction.

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New Income Tax Rules from 1st April

Finance Minister Arun Jaitley ascertains several changes in the Budget 2018-19 and decided not to change the income tax rates and the slabs. FM, also, did a couple of changes in income tax that will impact the common man alias the taxpayers. All these changes will reflect from the next month as the taxpayers will set get to pay their share of the tax amount.

Income Tax

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The changes like new long-term capital gains tax on stocks and equity mutual funds and relief for senior citizens on interest income have been introduced in the budget for the financial year 2018-19. FM, Arun Jaitley gave relief to the salaried people by introducing the standard deduction. Another key feature that will affect the taxpayers is that the increase in cess will now be directly charge on the tax income payable.

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