Our country is developing with every passing day. India is on its ways to become a fully developed nation. But another fact that is undeniable is that our country, has grown, but the expenses of a common man has grown too.
There has been hike in the prices of everything. From clothes, to food to electronics, the prices of every commodity is touching the skies. And now when the market is inflating so much, the real estate market of the country is in no mood to stay behind either.
Yes, in today’s day, the prices of real estate in our country is rising as fast as the fire spreads in a forest. Especially in metropolitan, where the masses keep moving in. for example, if you are moving to Chennai and you want to rent house in Chennai, you have to be rest assured that you will have to pay a nice big amount to your landlord.
Looking at this current trend of the real estate market where the prices are just getting higher and higher, a lot of people have no option but to rent houses for their living. And if someone really wants to own a house, then they go up for housing loans which they take from various banks.
Now, this article is particularly for all those people who are either living in a rented house, or have a home loan on them or are in near future planning to take a home loan.
Firstly, let us inform you that the government is not all that insensitive as you may consider them. There are a lot allowances that the government has for that population who is living in rented apartments or are under heavy loans.
And how does the government behave considerate to these people?
Well, they benefit you and give you allowances with regards to your tax payments. We are sure a lot of people are already aware about it. But for all of those who aren’t, read forward.
None of us willingly live in rented apartments, and our government rightly understands this. They know that the current real estate market is so competitive and expensive that not every one can afford a house for themselves. And when a person lives in a rented house or pay a particular amount of loan every month, it is obvious that their monthly income suffers heavy deduction.
So wouldn’t it be unfair if the people had to pay taxes for their entire income when a lot of their income goes in these places?
Imagine you rent house in Chennai and you work in an IT firm there where you earn 30000 a month, if you give 10000 for your rent, or have to pay a housing loan, then it wouldn’t be fair to tax you on the entire 30000.
This is why, the government has certain rules which gives particular allowance to such citizens, what are they, read ahead,
· Consideration of amount- your taxable income will be considered after deducting the amount that you spend for your accommodation in terms of rent or loan so that it is a fair deal.
· Less interest- banks are ordered to give loans on less interest rates for the housing needs of the people.
Exemption of certain taxes- certain taxes are not taken from people who still don’t have a permanent roof so that they can soon be strong enough to buy themselves an accommodation.