Union Budget 2013: First Time Home Buyers To Get Additional Tax Break Of 
1 Lakh
New Delhi: Finance minister P Chidambaram raised tax deduction limit by 
1 lakh for the first time home buyers to promote the housing sector. "...a person taking a loan for his first home from a bank or a housing finance corporation up to 25 lakh during the period April 1, 2013 toMarch 31, 2014 will be entitled to an additional deduction of interest of up to 1 lakh," he announced while presenting Budget 2013-14 in Parliament.
"If the limit is not exhausted, the balance may be claimed in 2015-16. This deduction will be over and above the deduction of 1.5 lakh allowed for self-occupied properties under section 24 of the Income-tax Act," he said.
The move is likely to promote home ownership and give a fillip to a number of industries including steel, cement, brick, wood, and glass besides providing jobs to thousands of construction workers.
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