The Real Estate Regulatory Authority (RERA) Bill introduced in 2016 was a huge milestone that brought about massive reforms in the real estate sector of India. Before 2016, this sector was more or less unregulated and dominated by builders. Delays in projects, overvaluation of property and frauds plagued the entire sector. Home buyers were left with unresolved grievances and at the mercy of builders. Since RERA came into the picture, the real estate prices have rationalized, and the sector has fallen in line. Delays in delivery are penalized, and home buyers can get speedy resolution for their grievances. Demonetisation further removed the influx of black money.
Now,
Budget 2018 is on its way riding on high expectations from the home buyers.
Deduction of Interest Expense
Currently, home buyers can claim deduction up to Rs. 2 lakhs towards home loan interest under section 24 of Income Tax Act. This provision applies to a self-occupied house. There is no upper limit on the amount of deduction for the house properties that are let out. However, such deduction is allowed only for a property whose construction is completed within three years from the end of financial year in which loan was taken.
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