Request for Relook of Section 24 of IT Act due to Delay in Construction by Builders
Section 24 of IT Act, which provides benefits on interest portion of Home Loan, stipulates reduction in the amount exempted from Income Tax under 'Income from House/Property' head from Rs 200000 of interest paid on home loan to only Rs. 30000 of the same, if the construction does not finish within 3 years of taking loan.
It is widely known that these days, real estate builders seldom provide possessions in time with delays exceeding 4-6 years in some cases.
This leads to home buyers getting deprived of a large chunk of Income Tax benefits in interest portion - corresponding to Section 24 of IT Act for no fault of theirs.
Through this petition, we request the Hon'ble Finance Minister to initiate a fresh look into the provisions of Section 24 of IT Act in light of the consistent delays in handing over on part of builders due to their own mismanagement.
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