Here’s what an individual tax payer wants from Budget 2021
Live MintWith budget day approaching individual tax payers wish the Finance Minister to fulfill some of our wishes. If the government cannot make the EPF balance on retirement taxable to the extent of 40% of the accumulated corpus like NPS, which the government had attempted a few years back, the government should at least attempt to bring in parity by working other way round and make the entire accumulated balance in NPS at the time of withdrawal tax free. In case of loan for an under construction house where the construction is delayed beyond a period of five years, the interest deduction gets reduced to ₹30,000 for no fault of the tax payers. Introduce separate limit or Principal repayment As per present provisions of Section 80 C of the Income Tax Act, you are allowed to claim a deduction of up to ₹1.5 lakh from your taxable income, for the repayment of the principal amount of a housing loan taken for a residential house. In view of the overcrowding of Section 80 C, 80CCC and 80CCD and need for larger home loans, the finance minister should provide a separate deduction for repayment of home loans, in the ensuing budget.
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