Budget 2024: Finance Minister Nirmala Sitharaman has said that no major announcements will be made in the budget but the government can make some special announcements for homebuyers, middle class and salary class. The government may consider increasing the deduction limit on home loan interest from Rs 2 lakh to Rs 5 lakh under Section 24(B) of Income Tax.
Budget 2024 : Union Finance Minister Nirmala Sitharaman will present the budget (Union Budget 2024) for the sixth time on 1 February 2024. Nirmala Sitharaman is going to present the last budget of the second term of the Modi government because after that Lok Sabha elections are going to be held across the country. In such a situation, the government can make special announcements to cash in on its vote bank, especially for the salary class and home buyers. However, Finance Minister Nirmala Sitharaman has said that no major announcements will be made in the budget but the government can make some special announcements for homebuyers, middle class and salary class. The government may consider increasing the limit of deduction on home loan interest from Rs 2 lakh to Rs 5 lakh under Section 24(B) of Income Tax.
Rebate on home loan interest will increase
In this budget, the real estate sector is hoping to extend the tax exemption given for payment on home loan interest. The eyes of the real estate sector are on the announcements of the Finance Minister regarding the tax exemption given on home loans in Budget 2024. The budget is demanding to increase the tax exemption available on real estate sector home loans in 2024. The real estate sector is demanding that the tax exemption on home loans needs to be increased from Rs 2 lakh to Rs 5 lakh.
Homebuyers will benefit
Increasing the exemption limit on home loan interest will increase the number of people buying affordable homes. There is a need to extend the tax benefits available to home buyers as well as those investing in real estate. So that, the discount given to home buyers increases and the real estate sector gets a boost. Homebuyers are hoping that the government should increase the current limit of exemption on home loan interest payment from Rs 2 lakh to Rs 5 lakh. Currently, interest payment up to Rs 2 lakh in a financial year is exempted from income tax.
