Thank You, FM for the Income Tax Relief to Real Estate Sector BUT enlargement of scope of Relief is necessary
Thank You, FM for the Income Tax Relief to Real Estate Sector BUT enlargement of the scope of Relief is necessary Thank You FM for the Income Tax Relief to the Real Estate Sector BUT enlargement of the scope of Relief is necessary On the occasion of Dhanteras, FM has announced an Atmanirbhar Bharat Package 3 for over Rs. 2.65 lakh crores. A Demand Booster has been announced for the Real Estate Sector by giving Tax relief for the Developers & Home Buyers under the Income Tax Act. Henceforth, the sale of real estate lower than the applicable circle rate would be exempt from Income Tax. The Government realised that the current market rates of real estate in the current scenario due to Covid-19 pandemic is actually much lesser than the prevailing Circle Rates. Realising this anomaly, the FM has increased the Harbour Limits (Differential between the Circle rates & Declared Sales Consideration of Land & Buildings) from 10% to 20% u/s 43CA and section 56(2)(x) of the Income Tax