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Thursday, June 18, 2009

Double dhamaka: Rs 3 lakh I-T relief on home loan likely

Sorry I have not been able to post regularly on account of work-related constraints, but this deserves attention…

In fact this piece of information is bound to rise excitement within the realty sector.

In a latest move to boost the sector, the urban development ministry has plans to double the income tax relief on home loan interest.

At the moment the slab is set at Rs 1.5 lakh per year, but chances are that in the new budget the government might just hike it up to Rs 3 lahks.

This apart, the ministry also has a proposal for raising the limit for exemption on repayment of principal amount to Rs 3 lakh – triple of the existing limit.

The existing exemption limit is rather inadequate at a time when a two-bedroom apartment in the metro cities costs anything between Rs 25 lakh and Rs 35 lakh.
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