Borrowers can deduct the principal and interest paid on a home loan under different sections of the Income Tax Act, thereby reducing their overall tax liabilities.

Individuals who meet the eligibility criteria set by banks and financial institutions are able to obtain home loans easily.

Buying a home in India is considered a valuable asset, and it is often viewed as an investment that can provide families with financial stability and security.

All old income tax rebates on home loans will remain in effect until 2024, according to the government in 2020-21.

It makes startups eligible for tax incentives as per specified conditions under the income tax department’s Budget 2022 promise of extending the incorporation period by one year to March 31 this year.

Tax incentives will be available to startups incorporated before April 1, 2023, for three consecutive years.

In an official tweet on Wednesday, the Income Tax department announced that the period of incorporation of eligible start-ups has been extended by one year to 31st March, 2023.