India

Tax Incentives Middle Class Can Look Forward To In Union Budget

New Delhi: Union Finance Minister Nirmala Sitharaman may not have given any relief to middle-income tax payers in her budget proposals, but one can still benefit from other tax incentives.

Here’s how…

Affordable housing:

As per the budget proposal, income tax payers will get a tax deduction of Rs 1.5 lakh on affordable home loans of up to Rs 45 lakh. This is applicable on loans borrowed up to March 31, 2020.

With this announcement, income tax payers will get tax rebates of around Rs 3.5 lakh on loans of up to Rs 45 lakh because interest paid on housing loans is allowed a deduction of up to Rs 2 lakh in case of self-occupied property.

“Therefore, a person purchasing an affordable house will now get an enhanced interest deduction of up to Rs 3.5 lakh. This will translate into a benefit of around Rs 7 lakh to middle-class home-buyers over their loan period of 15 years,” the Finance Minister said in her budget speech.

Purchase of electric vehicle:

On purchase of an electric vehicle, the budget has proposed an income tax deduction of Rs 1.5 lakh on interest paid on loans taken to purchase the vehicle.

The aim is to encourage increased usage of electric vehicle and gradual withdrawal of conventional vehicles from the roads.

OB Bureau

Recent Posts

Rashmika Mandanna Spotted In A Wheelchair, Struggles To Stand On Her Feet [Watch]

New Delhi: After the record-breaking success of ‘Pushpa 2: The Rule’, Rashmika Mandanna has her…

1 hour ago

12 VWSC Members From Odisha Invited To Attend Republic Day Celebrations In Delhi

Bhubaneswar: Twelve members of Village Water and Sanitation Committees (VWSC) from nine districts of Odisha…

1 hour ago

This Is How Janhvi Kapoor Plans To Settle Down After Marriage [Watch]

Hyderabad: Bollywood actress Janhvi Kapoor, who is rumoured to be dating Shikhar Pahariya, had once…

2 hours ago

Industrial Projects Worth Rs 3,883 Cr Approved Ahead of Utkarsh Odisha Conclave

Bhubaneswar: In a remarkable stride toward strengthening industrial ecosystem, the Odisha government on Wednesday approved…

2 hours ago

ISL: Odisha FC Rally From 2-Goal Deficit To Snatch Thrilling Victory Vs Bengaluru FC, Diego Mauricio Nets Brace

Bengaluru: Playing away from home, Odisha FC turned the game on its head to snatch a…

2 hours ago

Balakrishna-Urvashi Starrer ‘Daaku Maharaaj’ To Be Released In Hindi

Hyderabad: Two weeks after its Telugu release, the Hindi version of Balakrishna-Urvashi Rautela starrer ‘Daaku…

2 hours ago