Union Budget 2021: Additional Deduction of Up to Rs 1.5 Lakh for Interest Paid on House Loans Extended Upto March 2022
In a bid to increase demand in the realty market, Finance Minister Nirmala Sitharaman on Monday announced to extend the additional deduction of up to Rs 1.5 lakh for interest paid on loans of purchase of affordable houses, up to March 2022.
New Delhi, Feb 1: In a bid to increase demand in the realty market, Finance Minister Nirmala Sitharaman on Monday announced to extend the additional deduction of up to Rs 1.5 lakh for interest paid on loans of purchase of affordable houses, up to March 2022.
The deduction so far was allowed on housing loans sanctioned on or before March 31, 2021.
Further, in order to boost the supply of affordable houses in the country, the Budget proposed a tax holiday on profits earned by developers of affordable housing project approved by March 31, 2021. Budget 2021-22: Big Relief For Tax Payers! Time Limit For Reopening Tax Assessments Reduced to 3 Years From 6 Years.
The measures are expected to boost demand in the subdued realty sector.
(The above story first appeared on LatestLY on Feb 01, 2021 02:01 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).