Budget 2020: Increase in deduction limit on home loan interest payment from Rs 2 lakh to Rs 5 lakh
- Industry organization CII said- it is necessary to promote real estate sector.
- There should be a permanent plan to increase demand for 6-7 percent GDP growth.
NEW DELHI: The Confederation of Indian Industry (CII) has appealed to the government to increase the tax exemption to home buyers, so that the situation in the real estate sector can improve. This sector needs more cash. CII has demanded that the deduction limit on home loan interest payment be increased from Rs 2 lakh to Rs 5 lakh. Under the Pradhan Mantri Awas Yojana, the income limit in MIG-1 category should be increased from Rs. 12 lakhs to Rs. 18 lakhs and for MIG-2 from Rs. 18 lakhs to 25 lakhs.
The entire housing sector will benefit from giving infrastructure status
CII Director General Chandrajit Banerjee says that there should be a permanent plan to increase demand in the real estate sector for 6-7% GDP growth. This will also increase employment. According to CII, if the integrated township and the entire housing sector are accorded Infrastructure status, it will be easier for developers to raise funds at a lower cost.
