Additional tax benefit for first-time home buyers from 1st April

Q: It is nothing but an effort by the government to promote its ''Housing for all'' scheme and strengthen the property market.

Sunil Sharma, Noida

1st April 2016

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Hi everybody!!!!
This bill also propose to revise the Act so as to provide for 100% deduction of the profits of an assessee developing and building affordable housing projects if the project is approved before the March 31, 2019.

Amit Raj, Delhi-NCR

1st April 2016

Comment

But remember that this incentive is proposed to be extended to a house property of a value less than Rs 50 lakh in respect of which a loan of an amount not exceeding Rs 35 lakh has been sanctioned during the period from the April 1, 2016 to March 31, 2017.

Bhuvan, Delhi-NCR

1st April 2016

Comment

You are right Bhuvan,
Further, it is also proposed to extend the benefit of deduction till the repayment of loan continues.

ankurrajput, Delhi

1st April 2016

And the proposed deduction is over and above the limit of Rs 2 lakh provided for a self-occupied property under section 24 of the Act.

Bhuvan, Delhi-NCR

1st April 2016

It seems to me that this tax incentive will encourage first-time home buyers and increase the demand significantly.

After passing of the finance bill by Parliament, the amendments in this regard in the Income Tax Act will take effect from April 1, 2017 and will, accordingly, apply in relation to the assessment year 2017-18 and subsequent assessment yrs.

Nikhil Agarwal, Delhi

1st April 2016

It is said that from 1st April, the first-time home buyers will get additional tax benefit for purchase of residential properties of value up to Rs 50 lakh. This proposal will work from today. As the real estate market which is facing a huge slowdown for last 3-4 yrs. this additional tax benefit will boost the real estate sector.

Nikhil Agarwal, Delhi

1st April 2016

Comment

The progressive of the goal of the govt. of providing ''housing for all'', it is proposed to incentivized first time homebuyers taking home loans. Now a first time home buyers can get Rs.50000 as additional deduction in respect of interest on loan taken for residential property from any financial institutions.

ankurrajput, Delhi

1st April 2016