The stagnant property market has little to cheer, except extension of tax sops for affordable homes.
The additional deduction of up to Rs 1.5 lakh for interest paid on loans taken for purchase of affordable homes has now been extended until March , 73856811.
Currently, while taxing income from capital gains, business profits and other sources in respect of transactions in real estate, if the consideration value is less than the circle rate by more than 5 %, the difference is counted as income, both in the hands of the purchaser and seller. This limit is proposed to be increased to 90%.
The tax holiday on profits earned by builders constructing affordable homes is also proposed to be extended by a year.
Satish Magar, president, CREDAI National, expressed his disappointment. “Budget 2019 has not been encouraging for the real estate sector, which needs immediate attention. Unfortunately, none of the issues like a one-time restructuring of loans and enhancement of tax deductions on home loan have been addressed, except the extension of a tax holiday for affordable housing developers and loan sanctioning.”
Niranjan Hiranandani, MD of Hiranandani Group, said: “Affordable housing remains the government favorite with previous tax exemptions for both homebuyers and developers being continued for one more year. Commercial real estate segments may also witness a boost, with the focus on warehousing, data centers, schools, hospitals and hospitality. ”
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