AFFORDABLE HOME BUYER BENEFITS - BUDGET 2019

The finance minister has proposed to provide for an additional benefit for home buyers, in the form of interest on home loans, of Rs 1.5 lakhs. This is in addition to the benefit of interest available under section 24(b) up to Rs 2 lakhs, for

a) if self-occupied property.

b) if the home loan is sanctioned between April 1, 2019 and March 31, 2020.

c) The borrower should not own any house, on the date of sanction of the home loan.

d) This benefit is available, only if the stamp duty value of the property does not exceed an amount of Rs 45 lakhs.

e) This benefit can even be claimed with respect to interest paid during the construction period, which is not available under Section 24(b).


Source Link:-

https://housing.com/news/budget-2018-proposed-income-tax-changes-transfer-real-estate/