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2019 Union Interim Budget and impact on the Real Estate Market

Real estate industry as any other industry has had high expectations from the union interim budget<br>of 2019. The industry slowly yet successfully adapting itself to the series of economic reforms such<br>as Demonetization, GST, RERA Act 2016, expected measures that would lower the overall cost of<br>construction, and help boost demand for finished products.

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2019 Union Interim Budget and impact on the Real Estate Market

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  1. 2019 UNION INTERIM BUDGET AND ITS IMPACT ON REAL ESTATE INDUSTRY

  2. Introduction • Tax benefits • Levy Tax on notional rent • Capital gains • Threshold for deducting TDS and Tax rebate • Sources

  3. Introduction The Real estate industry has many expectations from the union interim budget 2019.This industry has made modifications by itself to the economic reforms such as demonetization, GST, RERA Act 2016 successfully which lowers the cost of construction and increases demand in real estate.

  4. Tax Benefits • Under section 80 (1) (B) (A), the income tax reduction on all affordable housing projects with maximum thirty square meters of unit size in metro cities and sixty square meters elsewhere has been extended for more one year i.e., march of 2020.

  5. Levy Tax on notional rent • The charges of tax on notational rent on completed projects has extended to two years. • Exception of tax on second self occupied house is proposed in the budget by considering the requirements of middle class families.

  6. Capital gains • Earlier, the capital gain benefits are for one residential property. • Under section 54, the capital gain benefits can be availed once in a lifetime on two residential properties.

  7. Threshold for deducting TDS and Tax rebate • The threshold for deducting TDS on tax on rent is 1,80,000 and now proposed to 2,40,000. • The persons who are paying a taxable income of 5,00,000 will get tax remissions.

  8. The real estate industry feels that the measures in the budget will help to take up more housing projects reasonably as there are 100 more projects coming up. • The steps to enhance the infrastructure such as “electricity for all by the year 2019” will help to get positive impact on the real estate market.

  9. Sources • http://blog.deltusrealty.com/2019-union-interim-budget-and-impact-on-the-real-estate-market/ • https://deltusrealty.com/

  10. Deltus Realty D-201, Shree Ram Arcade, Station Road, Anand-388001 +91 851 140 0500 info@deltusrealty.com www.deltusrealty.com

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