Earlier , a person is required to furnish return of income only if it exceeds basic exemption limit. herefore, a person entering into certain high value transactions is not necessarily required to furnish return of income. In order to ensure that persons who enter into certain high value transactions do furnish their return of income, it is proposed that a person shall be mandatorily required to file his return of income, if during the previous year, he enters into below transactions:
In order to provide an impetus to the ‘Housing for all’ objective of the Government and to enable the home buyer to have low-cost funds at his disposal, it is proposed to insert a new section 80EEA in the Act so as to provide a deduction in respect of interest up to one lakh fifty thousand rupees on loan taken for residential house property from any financial institution subject to the following conditions:
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