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Budget 2023: Everyone dreams of buying a house. Many times people buy houses with long-term investment in mind. Where on the one hand the property gives good returns in the long term. So at the same time, it also proves to be very beneficial in terms of security, tax savings. The government also understands very well the importance of the home in people’s lives. This is the reason why the government has announced and expanded big plans in the latest budgets to build houses. Such an announcement is also expected in this budget.
There are several homebuyer demands for this budget. In an environment of rising interest rates, the demand to increase the interest payment deduction limit is the most heard. Apart from this, there is a demand for tax exemption, change in GST structure and easing of limit limitation for home buyers. Let us tell you that Finance Minister Nirmala Sitharaman will present the budget on February 1st.
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What are the budget expectations?
Raman Shastri, President and CEO of Sterling Developers, says: “The real estate industry is looking forward to reforms and incentives from the next budget. Going ahead of traditional demand, the government should announce as of this year’s budget. More tax breaks for investors and homebuyers need to be announced.
Atul Monga, CEO and founder of Basic Home Loans, says that the real estate sector is an important part of the Indian economy. The sector is facing many problems amid rising rates. The rapid growth of this industry requires lenders to offer the most competitive home loan products. In which there should also be an attractive facility for repair.
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Shastri says that currently, the tax cap for home loans is still only Rs 2 lakhs. But now the tax deduction limit on home loan interest payment has to be increased from Rs 2 lakh to Rs 5 lakh. They believe that inflation has increased over time, so the discount should increase. They say these relaxations will accelerate the demand for housing.