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Great news will come for home buyers! Finance Minister can announce in the budget

 Great news will come for home buyers! Finance Minister can announce in the budget



 Budget preparations have started. The Union Budget 2022 for the year 2022-23 is less than a month away. Employed people have high hopes from this time budget. Demand has also started coming from different sectors. This time the highest hopes are for the taxpayers.



 Expected relief for the employed in the budget 2022
 


There has been no


 significant change in the tax slab for many years.
 

Preparation to give boost to real estate and construction sector


https://mamtatyagi.com/2022/01/elon-musks-starlink-internet-broadband-carrier-may-be-released-in-india-on-this-date-recognise-details/

 Budget preparations have started. The Union Budget 2022 for the year 2022-23 is less than a month away. Employed people have high hopes from this time budget. Demand has also started coming from different sectors. This time the highest hopes are for the taxpayers. There has been no significant change in the tax slab from the government side for the last several years. Sources claim that taxpayers can get relief in this budget.


 Preparation to give boost to real estate and construction sector



 From increasing the investment limit of PPF in this budget, the benefit of additional exemption on home loan interest can also remain intact. The government is preparing to give a boost to the real estate and construction sector going through recession during the Corona epidemic. In such a situation, the additional tax exemption available on the home loan can be retained.


 Then additional tax exemption may remain


 If sources are to be believed, in the Union Budget 2022, under Affordable Housing, the first time homebuyers can get an additional exemption of up to Rs 1.5 lakh on interest for one year. Let us tell you that under section 80EEA, there is an additional exemption on payment of interest on home loan of Rs 1.5 lakh on a house of Rs 45 lakh.


 Such a discount is available on home loan


 At present, home loan borrowers get tax exemption on payment of up to Rs 5 lakh under different sections. The home buyer is given tax exemption under 80C on the loan principal amount up to Rs 1.5 lakh. Apart from this, tax exemption is available on the interest of the home loan under section 24B on the amount up to Rs 2 lakh every year. The first home buyer under Affordable Housing is given an additional rebate of 1.5 lakhs under section 80EEA on home loan interest of up to Rs 45 lakhs.


 Section 80EEA: Extra deduction of Rs 1.5 lakh



 In the budget 2019, 80EEA was added as a new section in the Income Tax Act by the Modi government. Under this section, the government had made a provision for an additional deduction of Rs 1.5 lakh on home loan interest. To give edge to the real estate sector, the government took this decision for a year. That is, only those home buyers who had taken a home loan between April 2019 and March 2020 got the benefit of this. But, in Budget 2020, its deadline was extended by one year. Similarly, it got an extension of one year in Budget 2021. Now sources claim that the government can extend this exemption for the next one year as well.


https://mamtatyagi.com/2022/01/elon-musks-starlink-internet-broadband-carrier-may-be-released-in-india-on-this-date-recognise-details/

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