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Dig Up New Houses before 31 March Grasp the House Tax Concession
Are you planning to procure a new house? Dont get delay; Get your housing loan on or before 31 March, else you will not be eligible to acquire the house tax concessions.
Finance Minister P
Chidambaram presented Interim Budget 2014 in Lok Sabha on Monday. During the
interim budget presentation, he left untouched few tax concessions which have
been presented last year.
All the tax
concessions which have been declared last year will be ceased in this fiscal
year. The housing loan tax concession will be one among the tax that has been
ceased in this financial year. This has been covered under 80EE tax concession
act.
People who are buying
the house for the first time can avail this tax concession. For buying Rs.40
Lakhs worth house, people can avail a housing loan for about Rs.25 Lakhs. Under
the Income tax act 24th division people can get additional of 1.5 Lakhs of tax
exception.
In order to encourage the real estate department, this mode of tax concession has been declared in the 2013-14 budgets and for the same reason it has not been tapped during this interim budget.
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