India Budget 2018
Housing loss set-off should not be restricted to INR 2.00 lakh under section 24. There is no such arbitrary limit in any other sector which goes against such a labour incentive asset creation.
Increase the Incentives for first time home buyers under section 80EE by way increasing the tax exemption limit from present INR 50,000 to INR 2.00 lakh. This will encourage many young people to go for their own house.
Currently, GST is levied assuming the land cost to be 1/3rd of the selling price. This assumption is not correct for a city like Mumbai where land prices are very high. While charging GST, appropriate reduction should be provided for the value of the land and this will rationalize the GST impact on the customers where prices are high.
Benefits section 80C for Home Loan Repayments should be increased from Rs1.50 Lacs to Rs.5.00 Lacs
Manoj Paliwal is the Chief Financial Officer of Omkar Realtors