Union Budget 2023 Home: To fulfill the dreams of the common man, the central government is making a big plan.
New Delhi : Everyone dreams of Tumdar bungalow. Everyone is trying to fulfill the dream of home. Rising inflation (inflation) and rising interest rates (Rate of interest) Many people have given up the desire to buy a home in the last two years. Many have given up on their dreams. But the central government to buy a house (home buyers) A special plan is being made to encourage the central government is trying to give great relief to the common citizens. in the coming budget (Union Budget 2023) Special discounts are likely to apply for this.
Though the chances of reduction in home loan installments are slim, the Union Finance Minister may announce a big discount for home buyers. a home for all (accommodation for all) This is an ambitious scheme of the government. Lok Sabha elections are in 2024. In this connection, the central government can make a big announcement in this budget.
Not only the home buyers but also the real estate sector has high expectations from the budget. This is likely to benefit the economy. If the central government gives a booster dose for this sector, then all the sectors will get help.
The biggest blow to the dream of buying a home has been the rising home loan installments. Due to the high cost of loans, many people are unable to buy a home even if they want to. There is a demand to increase the exemption limit on home loan interest and principal. The country’s budget will be presented on 1 February 2023.
Currently, the tax limit on home loan is Rs 2 lakh. This limit has been in force for the last several years. There is a demand to increase this limit. In such a situation, the demand for increasing the tax exemption limit has also been justified by the experts.
Atul Monga, CEO of Basic Home Loan has given his opinion on this. Accordingly, the central government has demanded to increase the tax exemption limit on home loans to Rs 5 lakh. Hence giving such exemption would be beneficial for affordable home buying. In such a situation, the sale of houses is expected to increase.
The demand for income tax exemption on buying a second house is very old. Income tax exemption is being sought on the purchase of second property.
For more Business updates, Click here.