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Budget 2022: From cut in home loan interest rates to rise of health insurance premiums, here’s common man’s wishlist

While on one side the government is taking measures to bring the economy back on track, on the other side it is equally important to give relief to the common man to overcome the impact of this crisis.

The expectation of the common man revolves around decreasing the tax burden and moving towards a more simplified tax compliance and administration framework.

As per the present tax provisions, interest on a housing loan taken during the construction of a property is allowed as a deduction in five equal instalments commencing from the year of completion of such house property. Many home buyers face a challenge due to this provision as they have to pay pre-EMI interest to the banks /financial institutions each year whereas, the corresponding tax deduction is postponed to future years. This results in an excessive financial burden on home buyers during the construction period and the burden is further extended if the construction gets delayed due to any reason.

It is suggested that deduction for interest payable during the construction period may be allowed in the year of payment itself. Apart from financial relief, this would also promote ease of compliance since the taxpayers would not have to maintain records of interest paid for an extended period of time.

This will ultimately leave more cash in hand which can be channelled towards expenditure as well

Presently, the home buyer is eligible to claim a deduction of up to Rs 200,000 towards interest payable during the year on a loan taken for purchase or construction of a self-occupied house property. This limit includes preconstruction period interest also. This limit should be increased to give more tax benefits to the taxpayers.