My Budget Wish List for 2009
The limit under section 24(b) of the Income Tax Act towards interest on borrowed capital has to be enhanced from Rs.1.50 Lakhs to Rs.2.50 Lakhs in the case of construction of new houses and from Rs.30,000 to Rs.1 lakh in the case of reconstruction / repair / renewal of existing properties. Since there is a surge in the real estate market, most of the salaried class who are dreaming of a own house, utilizing the market opportunities and the lower lending rates, could go for housing loans, if the tax benefit too is enhanced.
The threshold limit under 80C should also be increased at least to Rs.2.00 lakhs, providing an increased coverage to the housing loan principal amount. The enhancement under this section will boost the savings habit of individuals and also strengthen the hands of the exchequer. The contributions towards insurance premium, one of the savings criteria under this section, should be extended to cover amounts spent on insuring the lives of dependent parents / brothers / sisters too.
T. Govindarajan
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Brief Profile
A Chartered Accountant and Company Secretary. Working for Mahindra Water Utilities, a private sector in Tirupur, as Head-Finance.
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