Tax Benefits

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Tax Benefits The government has used tax regulations to promote the housing sector, including

  1. providing interest subsidy of 6.5% for loans up to Rs. 6 lakh, 4% for loans up to Rs.9 lakh and 3% forloans up to Rs.12 lakh under PradhanMantriAwasYojana (PMAY).
  2. Tax incentives for annual interest payments of up to Rs. 2 lakh (Rs. 3 lakh for senior citizens) onhousing loan.
  3. Deduction of principal repayment limit of uptoRs. 1.5 lakh on home loan under Section 80C of theIncome Tax Act, 1961.
  4. Holding period for immovable assets, including residential property, reduced from three to two years; for long-term capital gains, indexation year changed from 1981 to 2001 and exemption incapital gains accruing from transfer of residential property, if invested in acquiring/constructing aresidential building within 2-3 years

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