Budget 2018: The date for the last full Budget of the present government is around the corner and many suggestions are being given to Finance Minister Arun Jaitley by various stakeholders. Leading property consultant JLL has\u00a0suggested additional tax incentives to first time home buyers in the upcoming Budget 2018. Arun Jaitley will present the Union Budget 2018 on February 1. JLL has said that the incentives will\u00a0boost sluggish housing demand and will open up opportunities for\u00a0faster development and greater private participation.\u00a0The current provision is for an additional tax deduction of up to Rs 50,000 per financial year under section 80EE of the Income Tax Act.\u00a0JLL India CEO and Country Head Ramesh Nair said in a report, "The bracket should be increased (in Budget 2018) up to 1 Rs lakh to incentivise first-time home buyers. This deduction is over and above the Rs 2 lakh limit under section 24 of the Income Tax Act." ALSO READ:\u00a0Budget 2018: Tax relief likely as these 7 economic factors may dictate Arun Jaitley\u2019s fiscal math The government should consider convincing the states to exempt REITs from stamp duty, at least for the initial few years, to increase their competitiveness, Ramesh Nair added.\u00a0The Federation of Indian Chambers of Commerce and Industry (FICCI) also suggested some incentives for the homebuyers in the Union Budget 2018. FICCI said that deduction available under section 24 of the act\u00a0is to a maximum limit of Rs 2,00,000 per annum. It is "recommended the exemption should be increased to at least Rs 3,00,000 per annum" in the Budget 2018. On the delay of property construction, FICCI suggested Arun Jaitley that the section 24 of the Act be amended to provide for a separate deduction so that the preconstruction interest is allowed in five instalments without any threshold limit in the Budget 2018. A similar amendment is also required in sub-section 3A of section 71 of the Act to allow set off of loss from house property in excess of Rs 200,000 to the extent the excess amount represents pre-construction interest. ALSO READ:\u00a0Budget 2018: How GST has taken away the wind out of the Union Budget presentation "Currently, interest paid on home loan during the period of construction is allowed as the deduction in five yearly instalments starting from the year in which the construction is completed and the taxpayer claims possession of the property. Often completion of construction of the property is delayed due to extraneous reasons not entirely within the control of the taxpayers," FICCI said in its Budget 2018 Memorandum. WATCH VIDEO:\u00a0Budget 2018: National Retail Policy Will Be A Game-Changer For Sector And Ease Of Doing Business [jwplayer 2c1iz9Og] The National Real Estate Development Council (NAREDCO)\u00a0expects that in the Budget 2018, the government should bring under construction houses under the GST tax rate of 12%. As of now, the housing under construction falls under 18%\u00a0tax rate. The suggestion by NAREDCO will bring tax rate at the level of around 6% of the property cost. These moves are expected to give a big boost to Narendra Modi's dream of "Housing for all by 2022" project. The project was\u00a0given approval in June 2015, by the Union Cabinet, with an aim of\u00a0rehabilitation of slum dwellers with participation of private developers using land as a resource; promotion of affordable housing for weaker section through credit linked subsidy; affordable housing in partnership with public and private sectors; and subsidy for beneficiary-led individual house construction or enhancement. In 2017, the landmark Real Estate Act (RERA) came into force with a promise of protecting the rights of consumers and ushering in transparency.