In India, buying a property is quite an apprehensive task for a middle-class person.But somehow, a buyer is still confused over varieties of loans available.Home loan Vs plot loansHomebuyers in India have two types of choices when it comes to purchasing homeBuilt-up/under-construction property orResidential plotUsage is clear towards the residential requirement of the buyer, in the case of built-up property, the plot seems more abstract.But some key differences between the two are mentioned below.Basic differenceHome loans are used for buying a constructed or under-construction property.Loan Type:The plot bought out of a plot loan has no fixed deadline to its construction or usage as a residential house.In case of a home loan, the applicants can use the loan amount to buy a developed residential property or for construction of a residential building through a real estate agent.
And it is not necessary that the property is held jointly by just the spouse or family members.
However, it orders to file the ITR for your jointly owned home, there is a new ITR form around the corner.
There have been a few major changes in the way the ITR was filed before and if you are also holding property jointly, you need to know about these ITR returns.
As per Section 26 of the Income Tax Act, there are clear guidelines about the taxations that are easily shared between the co-owners of the property that is jointly owned.
These were the simpler forms that made ITR filing easier for individuals.Taxpayers, who have already deposited crore or more or have spent above 1 lakh on electricity or foreign travel would not be able to file ITR-1.
These individuals, who fall in either of the two categories, would have to file another form, which is not yet notified by the IT Department.