There are some good and beneficial features for those who want to buy their own home / flat on a yearly budget.
Of course, this is the ideal time to buy a house.
1st Subsidy – Income Tax The annual income limit is Rs. 5 lakhs. This is again a characteristic of redemption, especially for the middle class and middle-income group.
There is a concession for non-sale of houses / flats after the construction is completed within 1 year. However, if the house / flat is not sold for 1 year, it is treated as a rent and the income tax is calculated accordingly. Now, it’s been deleted.
In the latest budget, there is no income tax if the house / flat is not sold for 2 years. This is great for builders. This feature is also beneficial to the buyer.
Until now, for those who had 2 houses, it was assumed that the 2nd house was rented. Even if the taxpayer’s parents live in that 2nd pipe / flat, it is liable to income tax. Now, in this year’s budget, it’s relaxed.
Those who are using their 2nd home for personal use do not have to pay income tax.
Also, if you have a home loan on the 2nd house, you can also get some income tax deduction.
The second concessional feature is that the TDS (tax deduction for income tax calculations) in this interim budget is Rs. 1,8 lakh to Rs. 2.4 lakhs. So, the financial sector of the society that relies on home rentals can benefit from this.
