Budget 2011-Extend period for deduction of Interest on Housing Loan
Budget 2011-ASSOCHAM has demanded an extension for deduction of interest on Housing Loan and recommended that the time limit be extended to 5 years
Associated Chambers of Commerce and Industry of India (ASSOCHAM) has demanded an extension for deduction of interest on housing loan.
As an apex industry body, ASSOCHAM represents the interests of industry and trade, interfaces with Government on policy issues and interacts with counterpart international organizations to promote bilateral economic issues.
Section 24 of the Act provides for deduction of interest on housing loans upto Rs 1.5 lakhs for self occupied property on borrowings done after April 1999 and acquisition/construction completed within 3 years. This limit was introduced by the Finance Act, 2001 and therefore this limit needs to be revised to at least Rs. 2.5 lakhs.
Moreover, in the context of the time required for completion of large housing projects, it is recommended that the time limit be extended to 5 years. The present limits are extremely low. This amendment will give a boost to the ailing real estate sector.
ASSOCHAM, Budget 2011, deduction of interest on Housing Loan, Extension for deduction of interest on Housing Loan, Finance Act 2001, Interest on Housing Loan
[...] body, ASSOCHAM has demanded an extension for deduction of interest on housing loan. Section 24 of the Act provides [...]