Income tax return (ITR) filing: Why Modi govt should enhance home loan section 80C benefits for homeowners in Budget 2019

Income tax return (ITR) filing: It is a truism that for every salaried man and woman out there who owns a home and has a home loan EMI to pay off every month, has just one thing on her or his mind. And that is? Home loan EMI relief! Yes, it is one of the biggest burdens on home buyers and every time a new budget rolls around they look at the Finance Minister's presentation in Lok Sabha for words to the effect of granting relief. These are the expectations from interim FM Piyush Goyal this time - Arun Jaitley is ailing and he had indicated he would not able to present the same today. He is in the US for treatment. However, as far as the government is concerned, it has to balance the interests of the homeowners as well as those of its revenue collections, which makes it a no-brainer, actually. Protecting and boosting revenues is always the first priority. 

Considering that there are so many subsidies and other interest groups that the government has to satisfy, the balancing act may not always end in homeowners getting their due.  However, Gagan Randev, National Director, Capital Markets and Investment Services has highlighted the crucial impact of granting such relief. He told Zee Business Online, "Enhancement of section 80C benefits - an increase in the 80 C benefits for Interest/Principal repayment benefits would be a big relief to homeowners who have availed Home loans and also an encouragement to possible buyers to own vs just renting."

Yes, the point is that the government wants to boost the economy and that can happen across a number of segments if infrastrcuture is boosted. The more people buy homes, the better for economic growth.

However, will that really happen? FM Piyush Goyal will be speaking a few minutes in Parlaiment and things will crystallise thereafter. Yes, home owners should definitely keep their hopes high. Zee Business Online will track the FM's speech Live and readers should keep logged in.