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Union Budget 2021: Real estate sector seeks sops to boost housing demand – Business News , Firstpost



The calls for embrace private tax aid, tax rebate on housing, extension of curiosity subvention, GST waiver, infrastructure standing for the realty and easing liquidity for the sector

Kolkata: The actual estate sector desires stimulus within the type of sops within the upcoming Union Budget to boost housing demand, a prime Credai Bengal official mentioned.

The calls for embrace private tax aid, tax rebate on housing, extension of curiosity subvention, GST waiver, infrastructure standing for the realty and easing liquidity for the sector, the official mentioned.

The Budget for monetary yr 2021-22 will probably be offered on 1 February.

In latest months, the federal government had supplied Rs 25,000 crore stress asset fund for the uncompleted housing tasks, growing the differential from 10 p.c to 20 p.c beneath Section 43(CA) of the IT Act until 30 June, 2021 have been introduced aside from ongoing curiosity subvention scheme.

“The yr 2020 has been an unprecedented interval in human historical past that disrupted the conventional course of life. Since the outbreak of the pandemic in India earlier this yr, the actual estate sector reeling beneath a liquidity crunch, witnessed a flurry of challenges, Credai, West Bengal, president Sushil Mohta advised PTI.

“There is a need to bolster the real estate sector that contributes 8 percent of the country’s economy as it is gearing for a big leap in the next 10 years,” he mentioned.

Global actual estate advisor Knight Frank India chairman and managing director Shishir Baijal in a pre-funds want demanded A separate annual deduction of Rs 150,000 that can present the a lot-wanted fillip to go for home buy. On the side of housing demand, Section 80 C tax deduction on residence mortgage principal compensation doesn’t present for a centered profit on housing, he mentioned.

“Hike the Rs 2 lakh tax rebate on housing loan interest rates to at least Rs 5 lakh to generate healthier housing demand, most notably in affordable and mid-segment housing. The last increase in the deduction limit under Section 80C (to Rs 1.5 lakh a year) was in 2014 and an upward revision is long overdue,” Mohta who can be the Merlin group chairman mentioned.

He additionally demanded GST waiver for beneath-building houses and extension of the curiosity subvention by one other three years.

Baijal mentioned the federal government ought to use this funds session to refer to suggestions on restoration of GST enter tax credit score to the upcoming GST council meet.

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