ATM :: Axe the tax: Home buyers seek exemption on loans

CNN-IBN | Jul 01, 2014 at 10:32am IST


Kolkata: With a boom in the real estate sector, property prices have shot up dramatically in the recent years. 54-year-old Sandeep Chatterjee who invested not just his life savings but also took a home loan at a hefty interest rate to build a dream home for his family of five, has only one request to the Finance Minister – the exemption on home loans.

Chatterjee, a chartered accountant by profession says, “It is everyone’s dream to buy property but because of the demography there is a gap in demand and supply. You have to think about the location, the right ambience.”

For salaried individuals like Sandeep, prohibitive prices and few incentives make the dream of acquiring a house beyond their reach. The present tax benefits are too little to fuel demand and boost growth in infrastructure.

Chatterjee pointed out, “If you increase the current interest payment to 5 lakh rupees then it will help us to approach to the housing market more aggressively and boost infrastructure and employment.”

Building his home brick by brick, Sandeep has just one plea for the Finance Minister, “My appeal to the Finance Minister Arun Jaitley is to have a complete review of the benefits that we get on housing loans under the various sections of the income tax act, so that people on various levels can borrow, because today the cost of building a house is too high. The benefits that we get under the I-T act are very low. So my earnest request to the FM is to increase it to Rs 5 lakh from the current level.”

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