It is good that FM Chidambaram has given an impetus to industry by giving an additional tax break for first time home loan seekers i.e he has raised tax deduction limit by Rs 1 lakh for the first time home buyers to promote the housing sector. The move is likely to promote home ownership and give a fillip to a number of industries including steel, cement, brick, wood, and glass besides providing jobs to thousands of construction workers.
To put the things in correct perspective, a person taking a loan for his first home from a bank or a housing finance corporation up to Rs 25 lakh during the period April 1, 2013 to March 31, 2014 will be entitled to an additional deduction of interest of up to Rs 1 lakh
If the limit is not exhausted, the balance may be claimed in 2015-16. This deduction will be over and above the deduction of Rs 1.5 lakh allowed for self-occupied properties under section 24 of the Income-tax Act.
Definitely Budget 2013-14 has brought a smile on the faces of new home loan seekers. This post was written on 28 Feb 2013.
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