Monthly Archives: March 2013
Finance Minister P Chidambaram on Thursday (Feb 28) raised tax deduction limit by Rs 1 lakh for the first time home buyers to promote the housing sector. “A person taking a loan for his first home from a bank or a housing finance corporation up to Rs 25 lakh during the period April 1, 2013 to March 31, 2014 will be entitled to an additional deduction of interest of up to Rs 1 lakh,” he announced while presenting Budget 2013-14 in Parliament.
Anyone who comes under the definition of the Foreign Exchange Management Act, 1999 (FEMA) can avail a home loan in India. FEMA defines an NRI as someone who resides outside India for “employment, carrying on business or vocation in circumstances as would indicate an intention to stay outside India for an indefinite period”. It also says that an individual will also be considered NRI if his stay in India is less than 182 days during the preceding financial year.
Even as the national economy has recorded a sluggish growth of 5.5 per cent in the current fiscal and the mandarins in the Planning Commission have projected a growth rate of 7 per cent in 2013-14, the State Government has projected a growth of 9.14 per cent for the current financial year. “As per advance estimates, the State economy is expected to grow in real terms at 2004-05 prices at a rate of 9.14 per cent in 2012-13,” the Economic Survey report 2012-13 presented in the Assembly said.