Affordable housing gets tax holiday

PUNE: The Budget on Feb 1 has extended Rs 1.50 lakh benefit on interest paid on affordable housing loans by a year to March 2021 and also given gave tax holiday for another year to affordable housing developers to boost housing in the country.

“For realisation of the goal of ‘Housing for All’ and affordable housing, in the last Budget I had announced an additional deduction of up to Rs 1.50 lakh for interest paid on loans taken for purchase of an affordable house… In order to ensure that more persons avail this benefit and to further incentivise the affordable housing, I propose to extend the date of loan sanction for availing this additional deduction by one more year,” Union finance minister Nirmala Sitharaman said.