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Income tax Exemption on Housing Loan Raised

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Offline raj

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Income tax Exemption on Housing Loan Raised
« on: February 29, 2016, 08:06:41 PM »

Income tax Exemption on Housing Loan Raised - Union Budget 2016-17 has raised the income tax benefit on new house purchased up to the valuation of Rs 50 lacs.

Finance Minister quoted that
Quote
A deduction of uptoRs. 50,000 has been proposed for an individual on account of interest paid for the loan taken to purchase a residential house, where the home loan amount doesn't exceedRs 35 lakh and the value of the property doesn't exceed Rs. 50 Lakhs.

This is to be noted that deduction will be available only to the assessee purchasing home for the first time.


 

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