Important Tax Relief for Home Buyers: Centre Extends the Timeline for Claiming Income Tax Exemption

The Central Government has extended the deadline for claiming Income Tax Exemption on an investment in a residential house to September 30, 2021, providing significant relief to homebuyers across the country.

A Press release was issued on 25th June 2021 to this effect. Along with this relief the Government also announced tax exemptions for expenditure on Covid treatment and ex-gratia received on death due to Covid

According to the Finance Ministry, the compliances to be made by taxpayers such as investment, deposit, payment, acquisition, purchase, construction, or any other action, by whatever name called, to claim any exemption under the provisions contained in Sections 54 to 54GB of the Act, with the last date of such compliance falling between April 1, 2021, and September 29 2021

Under certain situations, first-time home purchasers may be eligible for a special tax break on their investment in a residential residence. The deadline for making this tax-deductible investment in a residential dwelling has been extended by more than three months from the previous deadline of June 30, 2021.

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