First-Time Home Buyers to Get Additional Tax Deduction

To lower the burden for first-time home buyers, Finance Minister Arun Jaitley in Budget 2016 announced an additional income tax deduction of Rs 50,000 on the interest paid. The first-time home buyer will get this additional deduction in the next financial year only if the loan amount is less than Rs 35 lakh and the value of the property is less than Rs 50 lakh, Mr Jaitley said. This will be applicable where loans are sanctioned duri...