First home buyers got a shot in the arm after Finance Minister P Chidambaram announced additional deduction on payment of interest for homes below Rs 25 lakh.
First housing loan of up to Rs 25 lakh will be eligible for extra Rs 1 lakh tax deduction, Mr Chidambaram said. Currently, the deduction limit for payment of interest for self-occupied property is Rs 1.5 lakh.
The deduction will be applicable for loans taken in fiscal 2013-14.
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