To give a boost to the housing sector interest deductible under income tax up to Rs 1,50,000, for construction or purchase of a self-occupied house property will continue.
In addition, it is proposed that income from housing projects for construction of residential units, of prescribed specification, approved by the local authorities up to March 31, 2005, will now be exempt from income tax.
Further the ministry is examining additional incentives for slum upgradation, sewerage system laying and greenfield housing projects.
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