Economy

Govt announces tax relief on sale of housing units

New launches may plunge by 98% to only 1,390 units as against nearly 69,000 units in the corresponding period of 2019.   | Photo Credit: Prashanth Vishwanathan

Finance Minister Nirmala Sitharaman on Thursday announced relaxations in income tax rules to allow sale of primary residential units of up to ₹2 crore value below the circle rate.

Till now, only 10% difference between the circle rate and the agreement value was allowed.

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

“This measure will reduce harships faced by both home-buyers and developers and help in clearing the unsold inventory,” she said.

This article is closed for comments.
Please Email the Editor

Printable version | Jan 17, 2021 11:49:26 AM | https://www.thehindu.com/business/Economy/govt-announces-tax-relief-on-sale-of-housing-units/article33083611.ece

Next Story