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Diwali sparkle for realty sector: Govt announces tax relief on sale of housing units during COVID-19 for homebuyers, builders

An additional outlay of Rs 18,000 crore for the Pradhan Mantri Awaas Yojana Urban has also been announced.

November 12, 2020 / 16:41 IST
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Finance Minister Nirmala Sitharaman

In an attempt to boost demand for the housing sector during the pandemic, Finance Minister Nirmala Sitharaman on November 12 announced relaxations in income tax rules to allow the sale of primary residential units of up to Rs 2 crore value below the circle rate.

An additional outlay of Rs 18,000 crore for the Pradhan Mantri Awaas Yojana Urban has also been announced. This is over and above the Rs 8000 crore already announced this year. “This will help 12 lakh houses to be grounded and 18 lakh houses to be completed,” she said.

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Till date, only a 10 percent differential between the circle rate and the agreement value was allowed.

To boost the residential real estate sector, she said the differential has now been increased to 20 percent for the period up to June 30, 2021, for only primary sale of residential units of value up to Rs 2 crore.

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