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New Delhi: Finance Minister Nirmala Sitharaman will present the Union Budget on February 1. Like before the Modi government, the real estate industry has high hopes in this budget. People associated with the real estate sector are keeping all hopes to boost the industry. He hopes that the budget of the Finance Minister will be in the favor of real estate. Which includes many concessions along with tax exemptions to homebuyers along with developers.
Global property consultant Knight Frank India has demanded that the tax deduction limit on home loan interest should be increased from Rs 2 lakh to Rs 5 lakh in this budget to give a boost to the real estate sector. Apart from this, they also demand that 80C exemption should be given separately up to Rs 1.50 lakh on the principal amount.
Knight Frank India argues that the real estate sector has the largest share in the country’s GDP. This industry has the second highest number of jobs. There are more than 200 industries directly and indirectly connected with real estate. Corona epidemic has had a negative impact on this sector. In such a situation, there are expectations from the budget for the recovery of this sector.
Knight Frank India has said in the budget recommendations that the interest exemption available till now under Section 24 of Income Tax should be increased from Rs 2 lakh to 5 lakh. There should also be a provision of exemption of up to Rs 1.50 lakh on the principal amount separately under 80C. By doing this, affordable housing will get a booster dose.
