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adProperty News

The building industry awaits incentives
Source : The Hindu Property Plus Published On : 2009-02-21 City : Kochi

The interim budget has not much to offer to the steel and cement industries.

Cement prices came down marginally in December last year when the government cut the excise duty across the board.

 Building on these, the building and infrastructure industry can look forward to further measures after the Lok sabha elections.

 As of any other industry, the building industry’s wish list can be long, the industry is now looking to provide low-cost housing of affordable housing, aimed at the lower income groups. A senior official of a finance company says that 2009 can be the year when builders can take close look at this section.

 Significant tax breaks for affordable housing is one of the incentives the government can offer.

The budget did not tweak the tax rates, and the steel and cement industries are looking for further cuts in excise duties.

 The building industry will be looking for further cuts in interest rates on housing loans even has there have been suggestions that the interest payment eligible for tax exemption can be raised. Up to Rs.15lakh paid toward interest is deducted from the total income for tax calculations in a financial year under section 24(2) of the Income tax Act, principal payment is being considered under section 80(c), along with other investments such as the provident Fund contribution, insurance premium and so on. 

 Borrowers can be encourage to pay in excess of their educated monthly installments with tax incentives, the stimulus packages announced by the government in December and January had sought to give the housing sector a big boost. The inters concession on loans up to Rs.20lakh has been a help though reports say that job losses and pay cuts in the information technology and information technology enabled services sectors make banks less willing to lend.  



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