Industry experts view the Union Budget for 2023-24 as a balanced one. However, it has also made some changes in the tax regime that could affect homebuyers. The new income tax slab will incentivise individual taxpayers to opt for it by offering a higher tax rebate threshold than the old regime. Still, it will also disallow deductions that could be claimed under the old regime.
Mr. Anurag Goel, Director of Goel Ganga Developments, said that the modifications in the new income tax slab would not allow homebuyers to claim deductions on principal repayment and interest payments on home loans. These deductions were available under the old tax regime.
