Tax deductions on Home Loan must be prospective
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As per the Union Budget 2017 the government has reduced interest set off on home loans for rented property by limiting Home Loan Interest deduction to Rs 2 Lakhs. This is likely to significantly raise tax outgo for those who loaned to buy rented property.
I do understand that the tax accumulated by the Govt. is used to progress the nation and I am very supportive of that. However, my request to you is to implement this new change prospective, not retrospective in its operation; i.e., make it applicable for home loans availed after 1-April-2017; thus existing home loan Indian citizens (and salaried class) and their families are not impacted, and financially not constrained. Retrospective amendments to the tax law completely upset the economic model and strain the individual, their family members and inturn impact their economy decisions due to the unplanned hardship.
Appreciate your understanding, and sincerely request you to implement the reduction of interest set off on home loans for rented property as perspective, keeping the interest of Salaried Individuals who have already invested and planned their financials.
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