In the upcoming Union
Budget 2013 -14, FICCI (Federation of Indian Chambers of Commerce and Industry) has
demanded provision to raise the limit for deduction for principal repayment.
In a statement, FICCI
said that in the case of housing loan repayments, the ceiling under tax
benefits is capped at Rs. 1 lakh for principal paid, the ceiling of Rs.1 lakh
under Section 80C is less, particularly when housing loan principal repayments
are clubbed with other tax saving instruments.
FICCI said, "Therefore, the deduction for principal
repayment of home loan under Sec 80C should be either increased from the
existing limit of Rs. 1 lakh or / the principal repayments treated as a
separate tax exemption entity & excluded from benefits under section
80C"
FICCI also demanded
deductions for ground rent, its statement added, "deduction for ground
rent should be restored while computing the income under the head 'House
Property'."
FICCI further added,
"considering the rising value of land & proportionate ground rent in
metros and other big cities, it is recommended that the deduction for ground
rent be separately provided that is in addition to the overall statutory
deduction of 30 per cent available within the ambit and scope of section 24 of
the Act."
FICCI
Federation House
Tansen Marg, New Delhi 110001
91-11-23738760-70
91-11-23320714, 23721504
ficci@ficci.com
http://www.ficci.com/
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