Modi Government Will Give Gifts To The Middle Class People; Save Rs. 7 Lakhs by Buying a House For 45 Lakhs, Learn how

Modi Government Will Give Gifts To The Middle Class People; Save Rs. 7 Lakhs by Buying a House For 45 Lakhs, Learn how

Modi Government Will Give Gifts To The Middle Class People; Save Rs. 7 Lakhs by Buying a House For 45 Lakhs, Learn how

Modi Government Will Give Gifts To The Middle Class People; Save Rs. 7 Lakhs by Buying a House For 45 Lakhs, Learn how
Modi Government Will Give Gifts To The Middle Class People; Save Rs. 7 Lakhs by Buying a House For 45 Lakhs, Learn how

The Modi government has given a big relief to the middle class people in the first full-time budget (Budget 2019) of its second term. Giving greater relief to the middle class, the Finance Minister has hiked the income tax on home loan interest from 2 lakh to 3.5 lakh rupees. These allowances will be available at a house upto 45 lakh rupees. This discount is for the home to be purchased by March 31, 2020.

Finance Minister Nirmala Sitharaman made this announcement while presenting the budget in the Lok Sabha. He said that for the purchase of a cheap house worth 45 lakh rupees, it is proposed to allow an additional allowance up to 1.5 lakhs for the purpose of payment of interest on loans taken till March 31, 2020.

What is provision?

Monthly installments of Home Loans (EMI) include both inflation and interest. If you look at the home eMI’s school, you will know that interest participation in the early years is high and the original amount is low. You can save the tax amount under section 80C of the Income Tax Act on the portion of the original amount in the monthly installments of the home loan, in the amount you owe to the bank. In this case, you can take advantage of income tax under Section 24 of the Income Tax Act.
Tax deduction under section 80C is up to Rs 1.5 lakh per annum on the amount of funding for home loan deduction. Also, before the section 24 interim, there was a relief of up to Rs 2 lakh on interest payments in any financial year. It has increased the finance minister to 3.5 lakh.

In the form of a monthly installment of a home loan, the amount you pay to the bank each month is based on inflation and interest. If a person sees the bank’s receipt, it will be clearly mentioned. Apart from this, you can also get a tax statement from the bank’s website and get information about it.
Also get benefit under PM housing scheme

It is noteworthy that in addition to tax exemption, under the Prime Minister’s Awas Yojana, the beneficiaries get interest subsidy on interest rates. Under this scheme, you have increased subsidy of 2.6 lakh rupees for the home loan interest rate for some time.

He said that the person buying this kind of cheap house will now get the benefit of interest reduction upto 3.5 lakh rupees. With this, buyers of middle-class home buyers will get a benefit of about Rs 7 lakh on their loan of 15 years.

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Modi government will give gifts to the middle class people; save Rs. 7 lakhs by buying a house for 45 lakhs, Learn how

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