Union Budget 2013: 1st time home buyers to get additional tax break of Rs 1 lakh
Quotes
 

 

HomeNewsBudget ImapactExclusiveTaxRail Budget Celeb Speak Eco Survey
 

Union Budget 2013: 1st time home buyers to get additional tax break of Rs 1 lakh

Last Updated: Thursday, February 28, 2013, 18:08
 
 Comment 0
 
New Delhi: Finance Minister P Chidambaram Thursday raised tax deduction limit by Rs 1 lakh for the first time home buyers to promote the housing sector.

"...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," he announced while presenting Budget 2013-14 in Parliament.

"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," he said.

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.

PTI

First Published: Thursday, February 28, 2013, 18:08

Comments


Post your Comments

Name
Place :
Email :  
Comments :  
 
Other Stories
MSME Sector

P Chidambaram proposed continuing non-tax benefits to these units for three years.

Full Article »

IT-BPO Sector

Clarity on tax issues related to R&D centres in IT soon.

Full Article »

Infrastructure

Big push to infra with Rs 50k cr tax-free bonds, two new ports.

Full Article »

Real Estate Sector

FM raised tax deduction limit by Rs 1 lakh for the first time home buyers.

Full Article »

Auto Sector

Excise duty on SUV will be raised to 30 percent from 27 percent.

Full Article »

More »

Latest Videos
Budget 2013: Tax slab remain unchanged Budget 2013: PM commends Chidambaram's budget Union Budget 2013: Chidambaram's Budget speech
Budget 2013: Tax slab remain unchanged Budget 2013: PM commends Chidambaram's budget Union Budget 2013: Chidambaram's Budget speech
rail budget
Rail Minister announced no hike in passenger fares.
know your fm
P Chidambaram- Man of all seasons.
Opinion Poll
How would you see Budget 2013 as?
Pragmatic
Populist
Non-event
 
 
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved