Additional Deduction of Interest upto Rs.1 Lakh on Home Loan for First Home Buyer

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....dditional Deduction of Interest upto Rs.1 Lakh on Home Loan for First Home Buyer <br>Budget<br>Dated:- 28-2-2013<br><BR>The Finance Bill 2013-14 proposes additional tax benefit to the first - home buy....

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....er who takes a loan for an amount not exceeding Rs.25 lakh. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram proposed that a person taking a loan for his fir....

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....st home from a bank or a housing finance corporation upto Rs.25 lakh during the period 1.4.2013 to 31.3.2014 will be entitled to an additional deduction of interest of Rs.1 lakh. The Finance Minister....

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.... hoped that this will promote home-ownership and give a filip to a number of industries like steel, cement, brick, wood, glass etc besides jobs to thousands of construction workers. This deduction wi....

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....ll be over and above the deduction of Rs.1.50 lakh allowed for self-occupied properties under Section 24 of the Income Tax Act. If the limit is not exhausted, the balance may be claimed in AY 2015-16.....

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.... *** DSM/RC/nb/08 (Release ID :92735)<BR> News - Press release - PIB....