Budget 2021: Govt Extends Benefits on Affordable Housing Till March 2022

New Delhi: Giving a big relief to migrant workers in the wake of the coronavirus pandemic, Finance Minister Nirmala Sitharaman on Monday proposed tax exemption for notified affordable housing for migrant workers. Making the announcement, Sitharaman said Rs 1.5 lakh deduction on payment of interest for affordable housing extended by 1 year. She also announced tax exemption for rental housing projects in her Budget speech. Also Read – Govt Imposes Agri Cess on Fuel | Petrol to Get Expensive by Rs 2.5 per litre, Diesel by Rs 4

According to her announcement, the income tax rebate of Rs 1.5 lakh for affordable home loans will continue till March 2022. Also Read – Budget 2021: Rs 75,000 Crore Allocated For Farmers | A Quick Recap of PM Kisan Samman Nidhi Yojana

In an effort to promote supply of Affordable Rental Housing for the migrant workers, the government also proposed to allow a new tax exemption for the notified Affordable Rental Housing Projects. Also Read – Budget 2021: Allocation For Rural Infrastructure Hiked to Rs 40,000 Crore From Rs 30,000 Crore

The finance minister also said that the government is committed to provide affordable rental housing for migrant workers.

The development comes as the Housing for All by 2022 initiative was launched by PM Modi within five months of assuming office. The scheme of the Central government is all about ensuring a home for every Indian by 2022.

And to provide affordable housing and achieve the vision of Housing for all by 2022, the Centre in collaboration with states have undertaken several initiatives, such as Pradhan Mantri Awas Yojana (PMAY) that aims to build 1 crore homes in urban and rural India by 2022.