The pandemic-battered real estate segment is looking for govt. sops. By Balaji Rao
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February 1 is the day of expectations for every citizen and for every sector and industry of this country. Real estate too expects the government to dole out a few goodies and lift the spirits of a pandemic-battered segment.
Home loan borrowers expect more benefits on their interest payments and principal component that offers them better tax saving opportunities and allows them to spend more freely. The present exemption on the interest component under Section 24 of the Income Tax Act is pegged at ₹2 lakh; an increase in the limit by ₹50,000 would be welcomed. On the principal component the exemption limit is ₹1.50 lakh under Section 80C, and here too another ₹50,000 exemption is on everybody’s wish-list.
Additional tax benefits are provided under Section 80EE and 80EEA; amounts of ₹50,000 and ₹1.50 lakh respectively can be claimed. Under Sec 80EE if the home loan is disbursed between…