By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
BeFirsTrankBeFirsTrank
  • Home
  • Car Reviews
  • Auto Shows
  • Bike Reviews
  • Future
  • New Car
  • Used Car
  • Contact Us !
Reading: First-Time Home Buyers to Get Additional Tax Deduction
Share
Aa
Aa
BeFirsTrankBeFirsTrank
  • Home
  • Car Reviews
  • Auto Shows
  • Bike Reviews
  • Future
  • New Car
  • Used Car
  • Contact Us !
Search
  • Home
  • Car Reviews
  • Auto Shows
  • Bike Reviews
  • Future
  • New Car
  • Used Car
  • Contact Us !
Have an existing account? Sign In
Follow US
© 2023 BeFirsTrank News Network
News

First-Time Home Buyers to Get Additional Tax Deduction

srijita
Last updated: 2016/03/04 at 2:48 AM
By srijita 2 Min Read
Share
SHARE
First-Time Home Buyers to Get Additional Tax Deduction
To lower the burden for first-time home buyers, Finance Minister Arun Jaitley in Budget 2016 announced an additional income tax deduction of Rs. 50,000 on the interest paid.

The first-time home buyer will get this additional deduction in the next financial year only if the loan amount is less than Rs. 35 lakh and the value of the property is less than Rs. 50 lakh, Mr Jaitley said. This will be applicable where loans are sanctioned during the next financial year.

“For the ‘first – home buyers’, I propose to give deduction for additional interest of Rs. 50,000 per annum for loans up to Rs. 35 lakh sanctioned during the next financial year, provided the value of the house does not exceed Rs. 50 lakh,” the finance minister said in his budget speech.

Currently, deduction of Rs. 2 lakh per year is allowed on the interest paid on home loan in case of self-occupied property. After this new announcement, the deduction on interest for first time home buyers will go up to Rs. 2.5 lakh.

This move will mostly benefit first-time home buyers in non-metro cities, say experts. “This announcement will mostly benefit first-time home buyers in tier-III and tier-II cities,” said Anuj Puri, chairman & country head, JLL India.

[“source-ndtv”]

You Might Also Like

Hispanic Heritage Month: Working together to shape the future of remittances

How Google’s AI can help transform health professions education

Certified AC Technicians in Ocala: Your Local Cooling Experts

Beyond the Map: What Modern Vehicle Tracking Can Do for Your Business

What Should My Video Game Room Have?

TAGGED: Additional, Buyers, Deduction, First-Time, Get, Home, Tax, to
srijita March 4, 2016
Share
Previous Article Government has Taken ‘One Step Forward’ on Retro Tax Issue: Jaitley
Next Article India’s January Gold Imports Rise 62%: Report

Calendar

October 2025
MTWTFSS
 12345
6789101112
13141516171819
20212223242526
2728293031 
« Sep    

Latest Trending News

  • Hispanic Heritage Month: Working together to shape the future of remittances October 7, 2025
  • 2024 Hyundai Alcazar Review – 6-seater 1.5L Signature September 24, 2025
  • Luxury SUVs are a bit of a rage September 22, 2025
  • New Car Prices in India After GST 2.0: Tata, Maruti, Hyundai, Mahindra & More September 18, 2025
  • The Ferrari 849 Testarossa Combines Power and Tradition September 13, 2025
  • User Review of FZ S Hybrid September 10, 2025
  • Lexus Cars Get Cheaper after GST 2.0: Check Full Price List September 9, 2025

© 2023 Befirstrank News Network. All Rights Reserved.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?