Monthly Archives: April 2016

TAX PLAN – HAVE YOU CLAIMED THESE IT DEDUCTIONS?

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Here are some deductions a home owner is eligible for. You need to ensure you have taken them into account while filing your returns. The time to file your income tax returns is approaching fast. Individuals need to file the income tax returns. While finalising your tax returns, you need to ensure you claim the deductions and incentives available against any income from a residential property.

Nowadays, no document needs to be attached with the IT returns. As such, the necessary documents and proofs should be kept ready, in case there is any query regarding them. It helps to prepare the IT returns carefully as you will not miss claiming any of the deductions you are eligible for.

Designate property as self-occupied
The income earned from a house is taxable. To come into the tax bracket, you must be the owner of the property (comprising of a building). Also, it must be capable of being rented out and yielding a rental income.If you have only one residential property, that property will be treated as a self occupied property. There will be no taxable income from this property, provided you have not let-out the property for any period of time during the year. In case you own more than one property, this exemption applies to only one self-occupied house. You have the discretion of choosing that property. Deemed income from all other properties will be taxable, even if they are self-occupied and no rental income is actually derived from them. You can choose any one property to be designated as self-occupied. The remaining properties although not actually let-out will be deemed to be let-out and their notional rental value will be treated as taxable income.

Deductions against annual value
In case of a house, it is the annual value that is taxable. Annual value means the capacity of the property to earn an income. It is the highest of the municipal value, fair rental value of a similar property, and the actual rent received. From the gross annual value, you can claim a deduction against the municipal tax paid. Against repairs and collection charges, 30 percent of the net adjusted annual rental value, irrespective of actual expenditure, can be claimed. So, no bills are required for this deduction.

Deductions against home loan
Against interest on borrowings, the interest paid or payable on money borrowed for the purchase, construction or repair of a house is deductible. In case you have taken a home loan, you can claim a tax benefit on the principal repayment under Section 80C as well as a tax benefit on the interest paid under Section 24. The tax benefits on a home loan can be claimed once the house is ready. The principal repaid can be claimed up to a maximum of Rs 1.50 lakhs under Section 80C. The interest paid can be claimed as a deduction under Section 24.You can claim up to Rs 2 lakhs or the actual interest paid, whichever is lower. In addition, you can claim a deduction against interest paid on a home loan taken for reconstruction or repair of a house of up to Rs 30,000, subject to the overall limit of Rs 2 lakhs. You need to get an interest and principal repayment certificate from the bank in respect of the home loan repayments to claim the exemptions.

Benefits for co-borrowers
In case you buy a house jointly with your spouse and take a joint home loan, both can claim income tax deductions. Both spouses should have separate sources of income. Both can claim separate deductions in their income tax returns. The repayment of the principal amount of the loan can be claimed as a deduction under Section 80C up to a maximum amount of Rs 1.50 lakhs individually by each co-owner.

In case a house is owned by more than one person and is also self-occupied by all co-owners, each co-owner will be entitled to the deduction individually on account of interest on the borrowed money up to a limit of Rs 2 lakhs. In case the house is let-out on rent, there is no restriction on this amount. In case of co-owners, all are entitled to tax benefits provided they are also co-borrowers of the home loan. The limit applies to each co-owner.

Deduction in case of second house
If you buy a second house with another home loan and let it out on rent, the entire interest paid on this home loan during a given year can be claimed as a deduction. If you have more than one house, any one of them can be deemed to be rented out. So, the interest on the home loan for that house can be claimed entirely as a deduction, provided the rental income or deemed income is taxable.

Contact PRESTIGE RESIDENCY sales office to Know More @ 022 25985951 – 55

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201, Prestige Precinct, Near Nitin Casting, Almeida Road, Panchpakhadi, Thane (W), Mumbai – 400601.

Telephone : 91-22-25985951–55

Email : prescon@prescon.in

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THANE: A Realty Hotspot

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Thane has emerged as one of the most attractive regions for investment in the Mumbai Metropolitan Region (MMR) due to its fast growing infrastructure, excellent connectivity and thriving commercial and residential activity.

Thane caters to the spill-over demand from the mid-income segment and research suggests that almost half of the supply is concentrated in this sought-after segment. That the market is crawling is certain, the few buyers being those who had to buy a house without deferring their decision. For the other get, waiting and watchful, Budget 2016, the Thane metro, housing Stock in an affordable range are reasons that should be a push.

WHAT COULD WORK WELL?
Transit-oriented development has seemingly worked well. Take the example of Delhi and Mumbai. Property values saw a rise just over a span of three to four years. As soon as the Versova-Andheri-Ghatkopar metro line was announced in Mumbai, residential and commercial markets witnessed a flurry of action pushing up values by a few thousands per sq ft over a few years. Not only that, it did give a boost to live ability in and around the area. Once a neglected suburb of Mumbai, Thane today, could replicate the success story of any Indian transit-oriented corridor if the metro project falls in place. Residential availability statistics show that almost half the housing stock in Thane falls in the Rs 5,000-9,000 per sq ft price bracket. If you are seeking a premium lifestyle, some of Thane’s favourable locations like Kolshet Road, Thane east and west, Majiwada and Vasant Vihar offer homes in the price bracket of Rs 9,000-12,000 per sq ft. Premium locations in fact witnessed higher increase in prices, primarily due to new launches.

WHERE SHOULD YOU INVEST?
Badlapur, Ambernath, Dombivili east, Kalyan west, Ghodbunder Road, Kalwa, Thane east, Kolshet Road, Thane west, Majiwada and Vasant Vihar are the top choices. In Badlapur, while the starting price for 1-BHK units is Rs 10 lakh, larger configuration properties are within Rs 50 lakh. However, with a strong presence of both, local and established developers in the area, prices vary from one brand to another, depending upon the size and amenities provided. Sizes vary from 300 to 1500 sq ft and prices are in the range of Rs 2,600-3,500 per sq ft. In Majiwada, integrated townships, independent buildings and other types of properties are being developed. The data with Magicbricks snows that ready-to-move in units with varied amenities cost Rs 8,000-11,000 per sq ft. Residential projects in Ghodbunder are more planned than otherwise seen in Thane. Several schools, hospitals, banks, shopping malls and departmental stores are available in the area. Various amusement parks, stadiums and gardens have come up in the locality too. Some retail, commercial and institutional projects are also in the pipeline. Easy connectivity is the reason why the service class people are choosing the area. They can commute easily to their offices. Herein, properties are in the range of Rs 6,500 to 8,500 per sq ft.

On an average, ready-to-move in properties command a premium. This was because of the risk associated with investing in underconstruction properties that may be a little less taxing on your budget. If you are looking at Thane, this may be the best time to buy.

Contact Prestige Residency sales office to Know More @ 022 25985951 – 55

Colourful cushions can brighten up the homes

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You are sipping ek garam chai (or coffee) ki pyali… in the comfort of your warm and dry home, sitting propped up on comfortable cushions and watching TV or reading a book…doesn’t this seem to be the ideal picture on a relaxed day?

Colourful cushions placed around the house can really lend an inviting and cozy look to your interiors this season. The variety of cushion covers available in the markets is mind-boggling. Just use your creative and colourful side when you are out shopping and voila! You come back and change the look of your home! Mixing and matching different sized cushions is a good idea. They not only make lounging more comfortable but also help to lend a lot of depth to the seating area without looking overcrowded.

When you are looking for comfort and know that the cushions will be used to sit on or lounge against then opting for handloom or pure cotton or comfortable materials that are kind to the skin is the best idea. If you like the heavily sequinned, beaded, embroidered cushion covers then you should keep in mind that people may not like the scratchy and uncomfortable feel of sequinned cushions. The brightest coloured ones are the winners when it comes to lifting up the spirits of your interiors on dreary monsoon months. So go ahead and get cosy!

Contact Prestige Residency sales office to Know More @ 022 25985951 – 55

The Rise and Rise of Thane

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One of the Most lucrative spaces on the real estate map, Thane, has risen as a realty hostpot among buyers and developers alike over the years.

New projects in downtown Mumbai are close to saturation point and have been observing a space crunch, causing the growth in the mainland towards the northern and eastern directions, thus creating the ‘up-town phenomenon’. The migration of aspiring job seekers into Mumbai, growing nuclear families, better lifestyle, connectivity, newer locations offering business op-portunities, an increased affordability and an availability of home loans are creating a huge demand for residential and commercial properties, thereby pushing the growth of areas like Thane and Dombivli-Karjat region.

Thane is hence, growing to be the uptown of Mumbai, In recent times, it has been an attractive destination in terms of infrastructure support and growth prospects. Rightly priced property prices, project facilities and a supporting infrastructure provide an advantage to the real estate here. Currently, Thane has a favourable social infrastructure and connectivity, thanks to the presence of some of the finest developers with a successful track record in this region. Proposed infrastructure plans and their timely execution will place Thane, as a case study, in real estate development of MMR.

As far as residential projects and their consumers are concerned in India, especially in Mumbai, they demand holistic products, which can cater to the ever growing demands of all family members. It is all about providing amenities such as a clubhouse to spend quality time; swimming pool to rejuvenate from the stressed and fast paced life of Mumbai; senior citizen – friendly areas so that they also have their much needed space; a play area for kids and crèches to make sure they are taken care of a well equipped gymnasium and multi- sports facilities to stay fit; hobby rooms to engage in personal passion, etc. Thane can provide all the above mentioned amenities within your residential projects as well as within a small radius of your home and that too, at a much acceptable price point. In Mumbai, where affordability of owning your dream home is getting dearer, it is of utmost importance to pick the right location and project.

Today, Thane is encompassing the luxury element of downtown Mumbai on one side and smart sized apartments on the other side; i.e. studio, compact 1 and 2 BHKs and 3 BHKs flats.

Neral is also being touted as the ‘next Badlapur’ owing to the infrastructure development. Vikram Gadekar, owner, Sree Vriddhi Properties says, “While much of the development in Badlapur happened because of Ambernath and proximity to Thane, Neral is a close beneficiary owing to its proximity to Badlapur. Despite the fact that Vangani and Shelu are closer to Badlapur, infrastructure development is hinting at Neral as the next beneficiary.”

The increase in office space demand in Thane and nearby locations has led to a walk-to-work concept and reduced travel time in a major way. Thane is also endowed with multiple renowned schools, multi-specialty hospitals, temples, shopping malls, avenues for recreation and entertainments, fine dining restaurants and eateries within the easy reach of the people.

The topography also provides for fresh and non-polluting air-quality, especially in the region like Ghodbunder Road, which is surrounded by natural greenery of Sanjay Gandhi National Park on one side and the flowing Vasai Creek and Ulhas River on the other. The planned infrastructure of the city keeps away the dumping grounds, pollution and thrash areas to ensure freshness in the air levels all the time. Moreover, Thane has over 33 lakes, which provides for additional items on your weekend places-to-visit list.

Speaking about connectivity; Thane enjoys superb connectivity to Navi Mumbai as well as to the eastern and western suburbs of Mumbai via the Ghodbunder Road. With the onset of various intersections like JVLR, SCLR, Eastern Freeway, NH-8, Mumbai-Nashik Highway and the Thane-Belapur Road, Thane forms the central hub to reach any where within 30-40 minutes. Besides the central harbour rail line, Thane-Panvel rail line and the central railways connect Thane to Mumbai’s railway network very well. Future connectivity plans include the proposed Wadala-Kasarvadavli Metro rail that would run along the Ghodbunder Road with more than 10 halts within Thane itself. Other infrastructural developments on the cards include the construction of the Borivali- Tiku-ji-ni-wadi Tunnel, Ovala- Chena Freeway, Thane-Diva Road, the fly-over at Bhiwandi bypass, metro-3 project to Kalyan and also the waterfront development to connect Vasai and Gaimukh Creek.

To support the growth of this sector, the government is also giving tax rebates on housing loans, interest exemptions and fastening the process of approvals and sanctions. To sum it all, Thane the emerging uptown of Mumbai, is now catering to all demands from MIG housing to super luxury projects with major realty brands launching huge projects, thus making it a realty hub. Today, it is the most desirable, self-sustainable and environment friendly destination of the city.

Contact Prestige Residency sales office to Know More @ 022 25985951 – 55