Budget 2017: Tax exemption on interest paid of home loans may increase
![Budget 2017: Tax exemption on interest paid of home loans may increase Budget 2017: Tax exemption on interest paid of home loans may increase](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_850x478/public/2017/01/04/12138-arunjaitley1reuters.jpg?itok=RFwc50So&c=277c840e2efe2b8e7c030755b465dcdf)
Union Budget 2017 may see an increase in deduction limit for interest paid on home loans by Rs 50,000, a report by Business Standard said on Wednesday.
The government may increase the deduction limit for the interest paid on a home loan to Rs 2.5 lakh from the earlier Rs 2 lakh in the upcoming Budget, the report added.
After PM Modi’s New Year speech that raised a slew of benefits which included affordable housing, the government will now be taking initiative to follow up with the interest rebates announced on small-ticket home loans.
The National Democratic Alliance (NDA) government, in its first budget, had raised the deduction on interest paid to Rs 2 lakh from Rs 1.5 lakh.
In its second budget, Finance Minister, Arun Jaitley allowed for an additional deduction of Rs 50,000 on interest on home loans, under section 80EE for first time home buyers.
The report quoted a senior government official who said, “Extending the time period of the Section 80EE deduction and increasing the threshold limit of the home loan up to Rs 50 lakh limit is also under consideration.”
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
![https://www.zeebiz.com/markets/stocks/photo-gallery-this-tata-group-stock-turned-every-rs-10000-of-investment-into-rs-11300-in-just-a-week-investors-richer-by-42722-crore-rupees-any-guesses-share-market-news-304023](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307143-tradingpexels.jpg?itok=rw4R7EfH)
A Tata group stock just turned every Rs 10,000 of investment into Rs 11,300 in just a week, investors richer by Rs 42,722 crore; any guesses?
![https://www.zeebiz.com/markets/stocks/photo-gallery-large-cap-midcap-stocks-shares-to-buy-for-long-term-check-out-targets-nifty-sensex-303617](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/25/306716-stockks.jpg?itok=KJTrFUIK)
Stocks to buy for long term: Analysts suggest buying these 5 largecap, 4 midcap scrips; check out targets
![https://www.zeebiz.com/personal-finance/photo-gallery-nps-retirement-planning-budget-2024-nirmala-sitharaman-announcement-how-nps-rulebook-change-can-increase-corpus-income-and-monthly-pension-by-40-compound-return-303984](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307102-indian-currency-pixabay-take.jpg?itok=kN21EW-9)
How your NPS retirement corpus and monthly pension can jump by 40% after this rule change; get details
![https://www.zeebiz.com/personal-finance/photo-gallery-senior-citizen-savings-scheme-scss-2024-interest-rate-calculator-post-office-how-to-get-inr-rs-50000-interest-retirement-planning-guaranteed-return-maturity-amount-small-savings-303930](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307042-fd-interest-file.jpg?itok=45ZbBRWM)
How much investment do you need in this senior citizen scheme to get Rs 50,000 quarterly interest? Know here
10:11 AM IST