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Finance Minister announces Measures for Promoting Affordable Housing and Real Estate Sector

Budget - Dated:- 1-2-2017 - Making the Scheme for profit-linked income tax exemption for promoters of affordable housing scheme announced last year more attractive, the Union Finance Minister Shri Arun Jaitley proposed a number of changes while presenting the General Budget 2016-17 in Lok Sabha today. Shri Jaitley said that instead of counting the built-up area of 30 and 60 sq.mtr., it will be the carpet area of 30 and 60 sq.mtr. of the houses that will be counted under the scheme. He also said .....

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come. For builders for whom the constructed buildings are stock-in-trade, Shri Jaitley proposed to apply this rule only after the end of the year in which completion certificate is received so as to give the builders some breathing time for liquidating their inventory. In his Budget Speech, the Finance Minister Shri Jaitley also proposed to reduce the holding period for considering gain from immovable property to be long term from the present 3 years to 2 years and the base year for indexation t .....

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