Tax relief extended on affordable housing

February 01, 2021 14:13

Finance Minister Nirmala Sitharaman on Monday gave a boost to the housing sector and home-buyers and proposed to extend exemption available for the purchase of affordable houses and to provide tax exemption for affordable rental housing projects.

"This government sees housing for all and affordable housing as priority areas. In July 2019 Budget, I provided an additional deduction of interest amounting to Rs 1.5 lakh for a loan taken to purchase an affordable house. I propose to extend the eligibility of this condition by one more year to 31st March 2022," Sitharaman said in her Budget speech.

The additional deduction of 1.5 lakh shall therefore be available for loans taken up to March 31, 2022, for the purchase of the affordable housing, Sitharaman said.

"Further to keep up the supplies of affordable houses, I propose that the affordable housing projects can avail a tax holiday for one more year till 31st March 2022," she added.

Sitharaman further said that the central government is committed to promoting affordable rental housing for migrant workers.

"We are committed to promoting affordable rental housing for migrant workers. For this. I propose to allow tax exemption for notified rental housing project," she added.

« Back to LIVE

TOP STORIES

Elon Musk postpones India visit; cites Tesla 'obligations' as reason

American tech billionaire Elon Musk on Saturday said his proposed visit to India has been postponed due to "very heavy Tesla obligations". The electric carmaker Tesla CEO -- who was expected to be in India on April 21 and 22 and...

What We Can Expect From SRK-Suhana's Film

Shah Rukh Khan is all set to star with his daughter Suhana in a film to be directed by Sujoy Ghosh.

If there's anything that will stop Dhoni, it will be...

Amazed by Mahendra Singh Dhoni's longevity, former India batter Robin Uthappa says the Chennai Super Kings talisman's "mind is staying up to date" and the only thing that could end his prolonged run in competitive cricket is his body.

Amitbhai Is Ready For Battle!

Senior Bharatiya Janata Party leaders Amit A Shah, Shivraj Singh Chouhan and G Kishan Reddy filed nomination papers for the Lok Sabha elections on Friday, April 19, 2024.

IAF chief advocates public-private collaboration to explore space potential

In his address, the air chief marshal underlined that with a massive surge of new technologies and opening up of space to private players, there is a "disruption in the established scheme of things".