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25 May, 2015 23:41 IST

Source: rss | 25-May-15
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Finance Minister P Chidambaram said, first housing loan up to Rs 25 lakh would get additional deduction of interest of up to Rs 1 lakh in 2013-14, as he unveiled one of the most highly anticipated budgets of recent years.

The finance minister 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 will be over and above the deduction of Rs1.50 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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