In an attempt to boost demand, industry body PHD Chamber on Tuesday suggested that the government should increase the income-tax deduction for interest paid on home loan for a self-occupied house to R
In an attempt to boost demand, industry body PHD Chamber on Tuesday suggested that the government should increase the income-tax deduction for interest paid on home loan for a self-occupied house to Rs 5 lakh from the current level of Rs 2 lakh.
“This measure lead to the reduction in EMI, which increase the disposable income of people and lead to a surge in the demand. It will also give an impetus to the real estate sector,” said the body’s newly appointed President Mahesh Gupta said.
Speaking on the impasse in the clearance of the GST Bill, Mr Gupta said: “One party, the main opposition party, is opposing the Bill... I think this needs to be sorted out. Day in and day out, we are seeing some political activity happening which is not conducive to the atmosphere.”
“I think in the last two sessions of Parliament, since the Bills have not been passed, there is a slowdown in the reform process. There is no two opinion about this”, he said adding that it will have a long-term impact.
