Additional tax benefit for first-time home buyers from tomorrow

NEW DELHI: First time home buyers from tomorrow will get additional tax benefit for purchase of residential properties of value up to Rs 50 lakh.

The Government’s proposal coming into force from tomorrow is aimed at promoting its ‘housing for all’ scheme and bolster the real estate sector which is facing a huge slowdown for last three-four years.

The Finance Bill 2016, which is likely to be approved by Parliament during the second half of the Budget session, provides for up to Rs 50,000 tax benefit on loan up to Rs 35 lakh taken for residential house.

“In furtherance of the goal of the Government of providing ‘housing for all’, it is proposed to incentivise first-home buyers availing home loans, by providing additional deduction in respect of interest on loan taken for residential house property from any financial institution up to Rs 50,000,” said the Bill, presented to Parliament by Finance Minister Arun Jaitley. (AGENCIES)

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