Budget 2016:The Chronicle of Leaking Wallets and Resurrected Savings
Journey from house to home made easy
Good News came for citizens thinking to buy a house and settle down. An additional deduction of INR 50,000 for first time home buyers was introduced in the Budget proposal. This perk will be given on interest for loan up to INR 35 lakh, whereas the cost of house should not be more than INR 50 lakh. Also, housing project for flats up to 30 sq. meters in four metro cities and 60 sq. meters in other cities which has been approved during June 2016 to March 2019, and has been completed within three years of the approval is to be given 100% deduction for profits. Further, affordable houses up to 60 sq. meters will be exempted from service tax.
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