Union Budget 2023 Home: The central government’s strength for the dream of a home! A miracle will happen in the budget – Union Budget 2023 Nirmala Sitharaman may give Tax Relief to Home buyers’ expectations
Union Budget 2023 Home : The central government is planning a big plan to fulfill the dream of a common man.
New Delhi : Everyone dreams of a Tumdar bungalow. Everyone is striving to fulfill the dream of a house. Rising inflation (Inflation) And because of rising interest rates (Interest Rate) Many people have given up their desire to buy a home in the last two years. Many have given up on their dreams. But central government for home purchase (Home Buyers) A special scheme is being planned to encourage The central government is trying to provide great relief to the common citizens. In the upcoming budget (Union Budget 2023) A special discount is likely to be applied for it.
Although there is little chance of reduction in home loan installments, the Union Finance Minister is likely to announce a big discount for home buyers. A home for all (Housing for All) This is an ambitious plan of the government. Lok Sabha elections are in 2024. In that regard, the central government is likely to make a big announcement in this budget.
Not only the home buyers but also the real estate sector has high expectations from the budget. It is likely to benefit the economy. If the central government gives a booster dose for this sector, all the sectors will get help.
The biggest blow to the home buying dream is of course rising home loan installments. Due to the high cost of loans, many people are unable to buy a home even though they want to. There is a demand to increase the limit of discount on home loan interest and principal amount. The budget of the country will be presented on February 1, 2023.
Currently, the tax limit on home loans is Rs 2 lakh. The same limit has been in place for the past several years. There is a demand to increase this limit. Experts have also justified the demand to increase the tax exemption limit in such a situation.
Atul Monga, CEO of Basic Home Loans has expressed his opinion on this. Accordingly, the central government has demanded to increase the tax exemption limit on home loans to Rs 5 lakh. So giving such a discount would be beneficial for cost-effective home purchase. Therefore, house sales are expected to increase.
There is an old demand to get income tax exemption for buying a second house. Income tax exemption is being sought after purchasing another property.