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The tax deduction range for housing interest is going to be widened in view of the increase in consumption tax rate to be taken effect starting from April 2014 that will place a financial burden on the homebuyer. According to the 2013 tax reform, the homebuyer can claim for the tax deduction of up to JPY 4,000,000 (currently JPY 2,000,000) for general housing with housing interest, JPY 5,000,000 (currently JPY 3,000,000) for specified housing with housing interest which they move in to live during 1 April 2014 till 31 December 2017.
New rules:
For homebuyer who purchases and moves into the housing during 2013, they can only claim the tax deduction as follows:
Current rules:
