Tax Deduction Limit To Rs 5 Lakh; Realtors’ Demand From Budget 2025
As we approach Budget 2025, the real estate sector is abuzz with expectations and demands aimed at boosting sales and making homeownership more accessible. Realtors are urging the government to increase the tax deduction limit for home loan interest payments to Rs 5 lakh. This move could significantly ease the financial burden on homebuyers and stimulate the housing market.
The Need for Change in Tax Deductions
Currently, the tax deduction limit for home loan interest payments stands at Rs 2 lakh. Realtors believe that raising this limit to Rs 5 lakh would not only encourage more people to invest in homes but also enhance the overall sentiment in the real estate sector. Imagine the joy of homebuyers who could save more on their taxes while securing their dream homes!
Affordable Housing: A Carpet Area Parameter
In addition to tax deductions, real estate players are advocating for a clear definition of affordable housing based on carpet area. This parameter would help streamline the classification of affordable housing units and ensure that more buyers can benefit from government schemes. By establishing a defined carpet area, the government can effectively widen the scope for affordable housing, making it easier for first-time buyers to step into the property market.
Benefits for Homebuyers
The proposed changes could lead to a more vibrant housing market. With increased tax benefits and clearer definitions of affordable housing, potential buyers would find it easier to navigate the complexities of homeownership. Plus, these changes could attract more investments into the sector, resulting in a win-win situation for all stakeholders involved.
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In conclusion, as the Budget 2025 approaches, the real estate sector is looking forward to transformative changes that could enhance homeownership and foster growth in the industry. Let’s hope the government listens to the voices of realtors and homebuyers alike!
