Govt Extends Additional Deduction Benefit Of Rs 1.5 Lakh For Affordable Houses By One Year

New Delhi: In an effort to support the ailing real estate sector, Finance Minister Nirmala Sitharaman today increased the limit by one year for aviling the benefit of the additional deduction of Rs 1.5 lakh on home loans taken for purchasing affordable houses from the existing 31 March 2020 to 31 March 2021.

In the last Budget presented by Sitahraman, she had announced that there will be an enhancement of the deduction limit form Rs 2 lakh per annum to Rs 3.5 lakh per annum for home loans taken till 31 March 2020 for the purchase of an affordable home. 

While presenting the Union Budget 2020, she said, “In the last budget, I had proposed an additional deduction of RS 1.5 lakh for house loans taken for purchase of affordable houses till 31 March 2020. I propose extending that deadline for another year”. 

Such additional deduction will be available for loans taken for buying homes priced up to Rs 45 lakh.