Making income tax norms easier for GST reforms required for real estate sector

Budget 2021: The real estate sector expects home loan interest rates to be lower.

Budget 2021: Considering the forward and backward linkages of the construction sector with other sectors of the economy, and the urgent need to provide housing to large sectors of the low-income population, the government should pay special attention to low-cost housing in Budget 2021 , Confederation of Industries of India (CII) said in its Pre-Budget Memorandum 2021-22. Currently, the government provides an interest subvention of one percent for low-cost housing loans of up to Rs 15 lakh, provided the cost of housing does not exceed Rs 25 lakh. Industry body CII suggests that the interest subvention scheme should be extended to cover the total housing scheme up to Rs 35 lakh.

Lincoln Bennett Rodrigues, founder and chairman of Bennett & Bernard Group, known for luxury holiday homes in Goa, commenting on measures to promote all segments of Lincoln Bennett Rodrigues, said the government should further relax the income tax norms Should, goods and more reforms should proceed. Announcement of service tax (GST) and industry status to the real estate sector in the upcoming budget.

According to Mr. Lincoln, the government may bring a series of reforms and consumption boosters to increase credit off-take from banks to reduce liquidity. There is also a specific need for income tax relief on a second home which will benefit home buyers and also encourage the real estate sector. A single window clearance can accelerate the approval process and project execution. The real estate sector is also expected to have lower home loan interest rates, stamp duty reduction, and registration fees which is a big difference to the cost of a project.

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Apart from this, the industry body CII also suggests that the allocation under the Pradhan Mantri Awas Yojana (PMAY) should be increased from Rs 27,500 crore allocated in the Budget 2021.

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