New Delhi, January 14, 2022: Right at the top of the industry’s wishlist has been the enhancement of the income tax deduction limit against home loans. The current deduction limit of Rs. 2 lakh per annum has remained unchanged for several years. We hope Finance Minister Nirmala Sitharaman will accept this demand and raise the tax offset on home loan interest to at least Rs 5 lakh. This single move has the potential to boost India’s housing market and, in turn, accelerate economic growth.
Also, the difference of more than 10% between the circle rates and agreement values of properties translates into tax penalties under Section 43CA of the Income Tax Act. The government must appreciate that the difference between the circle rate and actual price is much higher in certain areas of Delhi and other parts of the country. Hence, the government should consider extending the relief to up to 20% of the difference.
The other pain point is the applicable tax deducted at source (TDS) on property transactions for NRIs. IT is way too high and should be reduced from the current 28.49%, as the refund process still takes significantly longer.
Corporate Comm India (CCI Newswire)
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