Budget 2013: Additional interest deduction on home loans up to 2.5 million rupees
REUTERS - People buying houses will get an additional deduction of 100,000 rupees on interest payments on their first home loan of up to 2.5 million rupees, Finance Minister P. Chidambaram said on Thursday as he unveiled one of the most highly anticipated Indian budgets in recent years.
"I propose to allow such home buyers an additional deduction of interest of 100,000 rupees to be claimed in AY 2014-15. If the limit is not exhausted, the balance may be claimed in AY 2015-16," Chidambaram said.
"This deduction will be over and above the deduction of 150,000 rupees allowed for self-occupied properties under section 24 of the Income Tax Act."
At present, interest on home loans is deductible up to 150,000 rupees annually, irrespective of the home loan amount.
(Also read: Minor change in income tax structure, click here)
(Reporting by India Online)
- Tweet this
- Share this
- Digg this
- Putin accuses United States of damaging world order
- UPDATE 4-P&G to exit Duracell battery business; quarterly sales dip
- Special Report: Why Madrid's poor fear Goldman Sachs and Blackstone
- UPDATE 7-Doctor with Ebola in New York stable; nurse is virus-free
- UPDATE 3-Ford's lower profit beats estimates; sales down on F-150 launch
The latest Reuters poll of 20 economists taken over the past week shows Asia's third-largest economy will likely grow 5.5 percent this fiscal year and 6.4 percent the next, slightly better than 5.3 percent and 6.3 percent expected in the July poll. Full Article
Kalki Koechlin on her role as a disabled girl in “Margarita, With a Straw” Full Article