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Old February 28 2013, 01:57 PM   #1
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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
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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
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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
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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
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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.
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