Boosting Affordable Housing: Will Union Budget 2024 Expand Tax Benefits Under Section 80EEA?
The Indian real estate sector is hoping for reforms in the upcoming Union Budget 2024 to boost affordable housing. Will the government expand tax benefits under Section 80EEA?
Union Budget 2024Section 80eeaAffordable HousingReal Estate SectorTax BenefitsReal Estate PuneJul 22, 2024
Section 80EEA of the Income Tax Act, 1961, provides a deduction for interest on loans taken for specific house properties. The maximum deduction under Section 80EEA is Rs 1,50,000 per financial year. This deduction is calculated based on the interest paid on the home loan, with a maximum limit of Rs. 1.5 lakh per financial year, subject to specific conditions. It is important to note that this deduction is in addition to the deductions available under Section 24B for home loan interest payments.
The real estate sector is hopeful that the government will extend the loan sanctioning qualification period to March 31, 2026, enabling more individuals to benefit from the affordable housing scheme. This would promote property ownership and provide substantial tax advantages. The sector is also expecting measures that will boost both demand and supply, fostering sustainable and positive development in the sector.
Industry experts believe that the government's focus on affordable housing will not only benefit the real estate sector but also contribute to the country's overall economic growth. The government's initiatives, such as the Pradhan Mantri Awas Yojana, have been successful in providing housing to millions of Indians, and the expansion of tax benefits under Section 80EEA will further support this initiative.
As the Union Budget 2024 approaches, the real estate sector is hopeful for meaningful reforms that will make property ownership more accessible and affordable. With the right policy support, the sector can create a more dynamic and inclusive housing market, contributing to India's growth and development.
Ashwin Sheth Group is a leading real estate developer in India, known for its commitment to providing affordable housing solutions.
Assocham is a leading industry association in India, representing the interests of various sectors, including real estate.
Ashwin Sheth Group is a reputed real estate developer in India, with a focus on affordable housing. The group has developed several projects across India, providing housing to thousands of Indian families.
Assocham is a prominent industry association in India, representing the interests of various sectors, including real estate. The association has been actively involved in promoting the growth and development of the real estate sector in India.
Frequently Asked Questions
What is Section 80EEA of the Income Tax Act, 1961?
Section 80EEA provides a deduction for interest on loans taken for specific house properties, with a maximum deduction of Rs 1,50,000 per financial year.
What is the maximum tax deduction benefit available under Section 80EEA?
The maximum tax deduction benefit available under Section 80EEA is Rs 1,50,000 per financial year.
What is the purpose of Section 80EEA?
The purpose of Section 80EEA is to provide financial relief and support for affordable housing.
What is the Pradhan Mantri Awas Yojana?
The Pradhan Mantri Awas Yojana is a government initiative aimed at providing housing to millions of Indians, particularly in the affordable housing segment.
How will the expansion of tax benefits under Section 80EEA benefit the real estate sector?
The expansion of tax benefits under Section 80EEA will promote property ownership, provide substantial tax advantages, and boost both demand and supply in the real estate sector.
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