IndiaShining: I-T exemption on home loans may be doubled

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posted by rsk4you 1254 days ago
The government is considering a proposal to double the income tax exemption limit on housing loans to Rs 3 lakh (Rs 300,000) from the current level of Rs 1.5 lakh (Rs 150,000), according to government sources. The proposal is being discussed by the committee of secretaries that was set up in the wake of the global financial crisis affecting the Indian economy. Industry lobby groups have been urging the government to raise the limit as it will reduce the cost of borrowing on home loans. "The logic behind the proposal is to boost consumption to drive domestic demand," said a top government official. A rise in income tax exemption means higher disposable incomes.
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