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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
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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.
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