144,292+ Members
   Get Started   Latest Posts Search Today's Posts Mark Forums Read
IREF« Real Estate in India - Property Discussion
IREF« - Indian Real Estate Forum > Real Estate Open House > Home Loans in India > Budget 2103
Reply
 
LinkBack Thread Tools Search this Thread
Old February 28 2013, 01:57 PM   #1
Veteran Member
 
Join Date: Jun 2011
Location: Mumbai
Posts: 4,773
Likes Received: 1390
Likes Given: 562
My Mood: Cheerful
Default Budget 2103

Budget 2013: Chidambaram's big incentive to buy a home this year

First home buyers got a shot in the arm after Finance Minister P Chidambaram announced additional deduction on payment of interest for homes below Rs. 25 lakh.

First housing loan of up to Rs. 25 lakh will be eligible for extra Rs. 1 lakh tax deduction, Mr Chidambaram said. Currently, the deduction limit for payment of interest for self-occupied property is Rs. 1.5 lakh.

The deduction will be applicable for loans taken in fiscal 2013-14.
Link:Budget 2013: Chidambarams big incentive to buy a home this year Ô€“ NDTV Profit is a good move by Shri Chidambaram.his experience and knowledge has helped frame a good budget provision for first time home buyers.This will help push the housing market..
 
Old March 2 2013, 02:18 PM   #2
New Member
 
Join Date: Mar 2013
Posts: 3
Likes Received: 0
Likes Given: 0
Angry

I dont understand Why the limit of loan on which additional deduction of Rs. 1 lakhs is allowed, is restricted to Rs. 25 lakhs??
 
Old April 1 2013, 04:59 PM   #3
New Member
 
Join Date: Mar 2013
Posts: 48
Likes Received: 3
Likes Given: 19
My Mood: Cool
Default

It is restricted because the government wants to encourage affordable housing in the country. They do not want the benefit to go to investors or HNIs.
 
Old April 2 2013, 12:06 PM   #4
Veteran Member
 
Join Date: Jun 2012
Location: Gurgaon
Posts: 1,364
Likes Received: 250
Likes Given: 36
My Mood: Cool
Default

But do you think you can get anything even affordable houses in this budget in national capital region.

I would interpret it as government is encouraging affordable housing in tier 2 cities.
 
Old April 5 2013, 06:20 PM   #5
New Member
 
Join Date: Oct 2012
Location: India
Posts: 4
Likes Received: 0
Likes Given: 0
Default

Budget announcement seems good for new home buyers and first time buyers because they are offered taxation benefit under tax schemes like Income Tax Act Section 24 B offers deduction.
 
Reply
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Join IREF Now!    
Related Threads
RTM or near RTM - Budget 3cr
Please Help - Budget 65-75L
Budget 15 to 20 L
20 lac budget- Options?
Budget has nothing for RE


Tags
2103, budget
"..", ".."India