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In order to promote home ownership, Finance Minister P Chidambaram has proposed an additional deduction of up to Rs 1 lakh on interest if a person buys his first house with a loan of up to Rs 25 lakh from a bank.
Home prices may have been on an upward spiral for many years, but the cost of owning a house in India remains near the most affordable level in over three decades, shows data compiled by mortgage giant HDFC Ltd.
The Union Budget for 2013-14 has proposed an additional tax on property transactions. According to the provisions, a one percent tax deduction as source (TDS) will be leviable in case of property transactions.
The House Committee constituted to look into the issue of dwelling units facing demolition within CRZ, were explained the 2011 Act and its application, at its first meeting, Monday even as its members felt that those units existing prior to 1991 should be protected.
The Chief Minister, Mr Manohar Parrikar on Sunday opposed conversion of Agricultural Land and emphasised that whatever the Opposition might say he would ensure during his tenure that Farmland is not converted for Non-agricultural purposes.