Budget 2020: Affordable homes get tax holiday boost (2024)

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Budget 2020: Affordable homes get tax holiday boost

Kailash Babar

, ET BureauLast Updated: Feb 02, 2020, 08:19:00 AM IST

Synopsis

The govt has also extended the deadline for first time homebuyers' to avail additional Rs 1.5 lakh interest deduction on home loans by a year till 31 March 2021.

Budget 2020: Affordable homes get tax holiday boost (1)

MUMBAI: Affordable housing received a boost as the government extended the tax holiday for new projects by another year. This is likely to lead to more project launches in the segment.

The government has also extended the deadline for first time homebuyers' to avail additional Rs 1.5 lakh interest deduction on home loans by a year till 31 March 2021. At present, home loan interest payment of up to Rs 2 lakh is allowed as deduction across segments, along with loan principal repayment up to Rs 1.5 lakh. The move is expected to boost demand from first-time homebuyers.

“The extension of tax holiday will provide more room for additional launches. However, the demand would have been more if the buyers’ sentiment had also been taken care of,” said Satish Magar, President, CREDAI National.

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Budget 2020: Affordable homes get tax holiday boost (2024)

The govt has also extended the deadline for first time homebuyers' to avail additional Rs 1.5 lakh interest deduction on home loans by a year till 31 March 2021.

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