As part of Atmanirbhar 3.0 to boost the demand for residential real estate in the country, Finance Minister of India Nirmala Sitharaman has announced income tax relief for developers and home-buyers. This initiative aims to push economic growth. For houses costing up to ? 2 crores, the first-time buyers will get income tax relief of up to 20%. This will be available till June 30, 2021. Read all the detailed information on Surfaces Reporter (SR).
Nirmala Sitharaman said, "This will incentivize people to buy homes and bring down the excess inventory."
"The government has decided to increase the differential from 10 per cent to 20 per cent under Section 43(CA) of the IT Act till June 30, 2021," she added.
The Finance Minister also added that in due course necessary amendments to the income tax act will be made under Section 56(2)(x) of IT Act.
Lastly, Nirmala Sitharaman emphasized that this will help the middle class which wants to buy when the housing sector is sitting on inventories.
Keep visitng SURFACES REPORTER for more such news and stories
Join us in SOCIAL MEDIA to stay updated
SR FACEBOOK | SR LINKEDIN | SR INSTAGRAM | SR YOUTUBE
You may also like to read
Commercial Real Estate Sector in Hyderabad sees 172% growth in the last five years
Residential Property Sees Sharp Recovery in Q2 FY21 with 60% Sales Growth, Says ICRA
Big relief for homebuyers - The Supreme Court has restored the sanctity of the builder-buyer agreement
Varmora Granito to Invest Around Rs 300 Crore in Two State-of-art plant | Aims to Generate 1,200 Employment