Finance Secretary should re-examine his theory that housing loan not a saving: Chidambaram

Senior Congress leader and former Finance Minister P. Chidambaram on Sunday urged Finance Secretary T.V. Mr. Somanathan, in an interview to The Hindu while talking about the old tax regime, said that if one looks at the structure of the tax deductions, half of them are for savings and half of them are for dis-savings like housing loan or interest on housing loan. "The Finance Secretary asks 'Is the housing loan a saving?' "The Finance Secretary should re-examine his theory that a Housing Loan is not a saving," Mr. Chidambaram said. For the simple reason, if you look at the structure of the tax deductions, half of them are for savings and half of them are for dis-savings like housing loan or interest on housing loan.