Budget 2024: Property purchasers should rejoice! The government may raise the home loan interest exemption limit; stay informed

Budget 2024: Property purchasers should rejoice! The government may raise the home loan interest exemption limit; stay informed

Budget 2024: Property purchasers should rejoice! The government may raise the home loan interest exemption limit; stay informed

Budget 2024: According to Finance Minister Nirmala there won't be any significant announcements in this budget; nevertheless, the government may make certain targeted announcements for middle-class, salary-class, and homebuyer groups. Under Section 24(B) of Income Tax, the government may think about raising the deduction limit for house loan interest from Rs 2 lakh to Rs 5 lakh.

Union Budget 2024: On February 1, 2024, Union Finance Minister Nirmala Sitharaman will make the budget's sixth presentation. The last budget of the Modi government's second term will be presented by Nirmala Sitharaman since nationwide Lok Sabha elections will take place shortly after. The government may use this opportunity to make special announcements in order to capitalize on its support base, particularly among wage earners and homebuyers. However, Finance Minister Nirmala Sitharaman has said that although the government may make some special announcements for homeowners, the middle class, and salaried class, no significant announcements would be made in the budget. The government may think about raising the house loan interest deduction limit under Section 24(B) of the Income Tax from Rs 2 lakh to Rs 5 lakh.

Interest-only rebate on home loans will rise.

The real estate industry is expecting to extend the tax exemption on interest paid on house loans in 2018 budget. The real estate industry is waiting for the Finance Minister's statements about the tax exemption on house loans in Budget 2024. In 2024, the budget calls for a larger tax exemption on house loans in the real estate industry. The demand from the real estate industry is to raise the tax exemption on house loans from Rs 2 lakh to Rs 5 lakh.

Home buyers will gain

Increasing the interest exemption limit on house loans would encourage more individuals to purchase reasonably priced real estate. The tax advantages that are now accessible to real estate investors should also be extended to homeowners. in order to enhance the real estate industry and improve the discount offered to property purchasers. Homebuyers are requesting that the government raise the present cap of Rs 2 lakh to Rs 5 lakh for the exemption from paying home loan interest. At the moment, interest payments made in a financial year up to Rs 2 lakh are tax-free.