Income tax returns (ITR) cut for first-time homebuyers is what developers want | Check Calculation here

Income tax returns (ITR) cut: The Union Budget is round the corner and the demands from various industry insiders from the Union Finance Minister (FM) Nirmala Sitharaman in Budget 2021 are soaring. As the Narendra Modi Government has taken various initiatives even during the COVID-19 lockdown to boost real estate demand, the industry insiders are pushing for income tax return relaxation for the first-time homebuyers from FM Sitharaman.

Income tax returns (ITR) Calculation
Speaking on the pre-budget expectation from FM Nirmal Sitharaman, Dr. Nitesh Kumar MD & CEO at Emami Realty gave the Income tax returns (ITR) calculation: "For the first-time homebuyers, the existing cap of property value is Rs 50 lakhs with a loan amount of Rs 35 lakhs under Section 80EEA. Industry wants it should be increased to Rs 75 Lakhs and Rs 60 Lakhs respectively. Quantum of interest under section 80EE must be increased to Rs 2 Lakhs. The tax exemption under Section 80(C) should be increased from the current Rs 1.5 Lakhs to Rs 10 lakhs."

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On the need to fuel demand in real estate sector Rakesh Yadav, CMD, Antriksh India said, "COVID-19 pandemic has hit the demand dearly in the realty sector and hence lowering of home loan interest rates, reduction in stamp duty and registration charges, which make a sizeable difference to the cost of a project and will definitely be a motivation for first time homebuyers to go in for property purchase. I am expecting from FM Nirmala Sitharaman to make announcement in this regard on 1st February 2020 in the upcoming Union Budget."