Finance Minister Nirmala Sitharaman is going to present the budget for February 2021-22 on February 1.
Realty companies’ organization CREDAI has asked the government to increase the scope of tax exemption in the upcoming budget (Budget 2021) to increase the sale of the house.
Recommendation of tax incentives to boost investment in REITs
Finance Minister Nirmala Sitharaman is going to present the budget for February 2021-22 on February 1. CREDAI has about 20 thousand members across the country. The organization also suggested a separate exemption on the payment of the principal amount of the home loan. CREDAI also recommended tax incentives to promote investment in real estate investment trusts.
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Credai said, “The real estate sector has been in trouble for more than two years. Corona virus epidemic further aggravated real estate problems. After the struggle for existence, now this area is slowly moving towards recovery.
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The organization said that to ensure liquidity, access to funds and long period of repair can help developers. The organization also proposed cheap home loans and tax rebate on investment in the housing sector to boost demand. He said, “Steps to improve taxation on affordable housing, joint development and to promote foreign investment are the need of the hour”.