Pre Budget Expectation : Homebuyers are anticipating increased tax benefits in the upcoming budget Piyush Bothra, Square Yards
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Below the budget expectation quote Piyush Bothra, Co-Founder and CFO, Square Yards
Homebuyers are anticipating increased tax benefits in the upcoming budget. One key expectation is to elevate the current Rs 2 lakh tax rebate on housing loan interest under Section 24 of the Income Tax Act to a minimum of Rs 5 lakh. This adjustment is crucial to bolster housing demand, especially within the affordable housing segment. Additionally, a reassessment of the price bracket for affordable housing is necessary, particularly in cities like Mumbai, where the current limit of Rs 45 lakh is impractical. Raising this limit to Rs 75 lakh or beyond will significantly benefit a broader spectrum of homebuyers, fostering affordability and driving housing demand.
Furthermore, a reduction in the prevailing 20% capital gains tax is recommended. This move will incentivize investments, subsequently fostering increased economic growth and stability.
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