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
- Exit polls see gains for BJP in state elections
- Pennsylvania newlyweds "just wanted to murder someone together:" police
- UPDATE 1-Sports-mad South Africa salutes Mandela "The Captain"
- WTO overcomes last minute hitch to reach its first global trade deal
- Mega Millions jackpot climbs to $344 mln for next week
The World Trade Organization reached its first ever trade reform deal on Saturday to the roar of approval from nearly 160 ministers who had gathered on the Indonesian island of Bali to decide on the make-or-break agreement that could add $1 trillion to the global economy. Full Article