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IN A bid to boost housing sector credit, the government is contemplating to enhance income tax exemption for up to Rs 3,00,000 paid as interest on housing loans in a year, from the existing limit of Rs 1,50,000.
The government is considering to raise the tax deduction limit for housing loan in the coming budget, sources said. The budget is scheduled to be tabled on March 16.
At present, a deduction of up to Rs 1,50,000 is available from taxable income towards interest on loan taken for house. Besides, borrowers can enjoy exemption on payment of principal amount. However, it is part of exemption to savings capped at Rs 1,00,000 per annum.
With the property prices and interest rates rising with each passing year, there is need to revise the limit, sources said.
In order to arrest the declining growth rate, the industry associations have demanded raising the tax limit ceiling for the housing loan.
According to Ficci secretary general Rajiv Kumar, the exemption should be harmonised with the rising interest rates and increased to at least Rs 2,50,000.
We recommended that the existing tax deduction limit on income E tax of an individ ual should be in creased from the existing level of Rs 2,50,000 to at least Rs 5,00,000.
Of this, Rs 3,00,000 should be towards interest payment to offset the im pact of high interest rates, he said, adding the remain ing Rs 2,00,000 should be exclusively towards principal loan repayment as the present limit of Rs 1,00,000 is already over crowded with several other items.
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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.
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Tax Saving Mutual Funds Online
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Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )
- HDFC TaxSaver
- ICICI Prudential Tax Plan
- DSP BlackRock Tax Saver Fund
- Birla Sun Life Tax Relief '96
- Reliance Tax Saver (ELSS) Fund
- IDFC Tax Advantage (ELSS) Fund
- SBI Magnum Tax Gain Scheme 1993
- Sundaram Tax Saver
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