Thread: I-T exemption on home loans may be doubled

Good news, if is happens...

I-T exemption on home loans may be doubled

BS Reporter in New Delhi
The government is considering a proposal to double the income tax exemption limit on housing loans to Rs 3 lakh (Rs 300,000) from the current level of Rs 1.5 lakh (Rs 150,000), according to government sources.

The proposal is being discussed by the committee of secretaries that was set up in the wake of the global financial crisis affecting the Indian economy. Industry lobby groups have been urging the government to raise the limit as it will reduce the cost of borrowing on home loans.

"The logic behind the proposal is to boost consumption to drive domestic demand," said a top government official. A rise in income tax exemption means higher disposable incomes.

Concerned over the negative growth in industrial output, the government may next week announce a second stimulus package to spur demand in housing, automobile, chemicals and other sectors and beat the downturn.
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Source: I-T exemption on home loans may be doubled

good info.

Originally Posted by prasannaganesh

good info.

So repo me.