Food for Soul

Union Budget 2011 India Live Expectations Highlights Direct Income Tax Code 2010 2012 DTC Interest Subvention Meaning

Posted: 28 Feb 2011 02:19 AM PST

The middle class sector which dreams about owning home gets a good news with the union budget 2011 as 1% interest subvention for housing loans upto Rs.15 lakhs is enabled.

This comes as a sweet surprise for many though the cost of the house should not exceed Rs 25 Lakhs. This is an increase of limit from current Rs 10 lakh loan for Rs 20 lakh budget.

Finance Minister Pranab Mukherjee also increased the Income Tax exemption limit for individuals from Rs 1.6 lakh to Rs. 1.8 lakh.

Eligibility age limit of senior citizens is also reduced from 65 years to 60 years and the exemption limit for them is widened from Rs. 2.40 lakh to Rs. 2.50 lakh.

A new category of ‘Very Senior Citizens’ of 80 years and above is introduced and they are eligible for Rs 5 lakh exemption.Similar Posts: