Request to reverse limit put on loss on housing property exemption from taxable income
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Hon. Prime Minister
Hon. Finance Minister
We, tax payers are all along with you for your drive against black money
We supported your moves on demonetization and never complained against any inconvenience in larger interest.
Being salaried people, its hardened white money. With no social security and amidst job insecurity, we can only bank on our investments.
The recent reforms in personal taxation are irrational and are significantly impacting salaried professionals, who have invested in housing properties. The net take home is reduced by more than 10%.
This action is putting additional significant burden on already tax paying community (<3% of total population and specifically those under higher income <0.5% of total population) instead increasing tax collection through widening the tax net under Direct and indirect taxes.
It is not proper to put limit on losses on account of interest paid against a property and adjustment of losses against the taxable income.
The appreciation of property on sale is also getting taxed under capital gain.
Hence the appeal is to reinstate, loss on housing property exemption from taxable income.
This will get us back the confidence that the government cares about people earning white money and we can strengthen your battle against corruption and black money.
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