Budget 2016

Budget 2013: Chidambaram's sop for first-time home buyers

New consumers for home loans got a shot in the arm after Finance Minister P Chidambaram announced an additional deduction of Rs 1 lakh on payment of interest (for self-occupied property) for homes below Rs 25 lakh.
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First home buyers got a shot in the arm after Finance Minister P Chidambaram announced additional deduction on payment of interest for homes below Rs 25 lakh.

First housing loan of up to Rs 25 lakh will be eligible for extra Rs 1 lakh tax deduction, Mr Chidambaram said. Currently, the deduction limit for payment of interest for self-occupied property is Rs 1.5 lakh.

The deduction will be applicable for loans taken in fiscal 2013-14.



All realty stocks reacted positively to the announcement. Anant Raj Industries, Sobha Developers traded with 5 per cent gains, while DLF jumped nearly 3 per cent.


 



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