| Enhancement of limit for deduction of interest paid on housing loans under section 24(2), from the present Rs 100,000 to Rs 150,000.
In respect of repairs of, and collection of rent from the property, amount of 30% (from the current 25%) of the annual value of house property is allowed as a deduction u/s 24(1)(i).
FII limit increased to 49% from the current 40%.
Automatic foreign direct investment in non-banking finance companies allowed up to 100%.
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Deduction for interest payable on housing loans for self-occupied houses even where such houses are acquired or constructed after March 31, 2003.
Capital gains exemption is provided in section 54EC of the Income-tax Act to bonds issued by the National Housing Bank.
The NHB will launch a Mortgage Credit Guarantee Scheme.
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Tax exemption on interest on housing loans maintained at Rs 150,000 per year.
Tax breaks on specified housing projects have been extended till 2005.
Reduction in the interest rates on all small savings schemes by 1%.
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