Af­ford­able hous­ing takes the cake

HT Estates - - FRONT PAGE -

In­cen­tives un­der sec­tion 80-IBA: To in­cen­tivise af­ford­able hous­ing and meet the ob­jec­tive of Hous­ing for All by 2022, the Bud­get has pro­posed 100% de­duc­tion for prof­its to builders en­gaged in de­vel­op­ing af­ford­able projects of sizes 30 sq m in met­ros and 60 sq m in Tier-II cities Ad­di­tional de­duc­tion of in­ter­est: First time home­buy­ers will get an ad­di­tional ₹ 50,000 de­duc­tion on in­ter­est paid for a loan amount of less than ₹ 35 lakh for a house value of less than ₹ 50 lakh. This de­duc­tion is over and above the limit of ₹ 2 lakh pro­vided for a self-oc­cu­pied prop­erty Mod­erni­sa­tion of land records: To be re­vamped un­der the Dig­i­tal In­dia ini­tia­tive, this will en­able reg­is­trars’ of­fices to man­age land own­er­ship records and pre­vent dis­putes with re­gard to land own­er­ship Ben­e­fit for those not re­ceiv­ing HRA al­lowance: Max­i­mum de­duc­tion for house rent paid by in­di­vid­u­als not re­ceiv­ing house rent al­lowance in­creased from ₹ 2,000 per month to ₹ 5,000 per month. This will pro­vide re­lief to those who live in rented houses In­crease in con­struc­tion time­line: The Bud­get has in­creased the time­line for con­struc­tion or ac­qui­si­tion of a self-oc­cu­pied house prop­erty from three years to five years in Sec­tion 24, for claim­ing de­duc­tion. The per­mis­si­ble de­duc­tion limit con­tin­ues to be ₹ 2 lakh

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