TIWN
New Delhi, Nov 14 (TIWN) In a bid to boost housing sales, Finance Minister Nirmala Sitharaman on Thursday announced an increase in the permitted differential between the circle rale and the agreement value of housing units to 20 per cent from the current mandated limit of 10 per cent till June 30.
The increase in differential will be applicable in residential units of value up to Rs two crore. It will help in reducing the tax liability as tax will be applicable on lower value of residential units. Section 43CA of IT Act restricts differential between circle rate and the agreement value at 10 per cent. However, prices may actually be lower than that, and the restriction curbs sale of housing units. Sitharaman said that the decision has been taken to boost sales at a time when demand is low and inventories have piled up. The income tax relief provides incentive to the middle class to buy homes, she said.
- IMF expects India to rev up global growth as China falters, backs Modi government's economic policies
- realme set to shake up market: Launching fastest entry-level 5G smartphone 'C65' under Rs 10k
- India's industrial production accelerates to 5.7pc in Feb
- India records 17 pc jump to become 4th largest exporter of digital services: WTO report
- 300 pc rise in market cap to Rs 400 lakh crore in last 10 years driven by strong economic fundamentals