Quick Summary
FM Smt. Nirmala Sitharaman: In a significant demand booster for the residential real estate sector, the govt has decided to make amendments in the Income Tax Act to help home-buyers as well as developers To view the video: Click here Differential between circle rate and agreement value in real estate income tax is being increased from 10% to 20%. This is for the primary sale of residential units up to Rs.2 Crore (from date of announcement of this scheme, till June 30 2021).The Income Tax r
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
3 Months PLAN
999
(Excl. of GST ₹179)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience.
FAQ :
The government is increasing the differential between the circle rate and the agreement value for real estate income tax from 10% to 20%.
Both home buyers and property developers will benefit from these amendments.
This change applies to the primary sale of residential units valued up to £2 crore.
The increased differential of 20% is applicable from the date of the announcement until June 30, 2021.
The amendments are intended to boost demand in the residential real estate sector, reduce hardships for buyers and developers, and help clear unsold inventory.
Yes, consequential relief of up to 20% will be allowed to buyers of these units under section 56(2)(x) of the IT Act for the specified period.
CAclubindia
