NEW DELHI: Finance minister Nirmala Sitharaman may propose higher tax deductions on home loans in the budget to boost housing demand, two officials familiar with the development said.
The government is considering increasing the annual tax deduction limit for repayment of home loan principal under Section 80C of the Income Tax Act to ₹2 lakh from the current cap of ₹1.5 lakh, the officials said, requesting anonymity.
The officials said that the move is being contemplated to provide relief to taxpayers and boost real estate demand.
Under section 80C, taxpayers can also invest in several government schemes, including people's provident fund and national savings scheme to claim deductions on their taxable income.
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