Union BUDGET 2016-17 IMPLICATIONS ON REAL ESTATE ..! - MYREALITY.In, Real Estate, Share Market, Mutual Fund, Insurance
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Saturday, March 05, 2016

Union BUDGET 2016-17 IMPLICATIONS ON REAL ESTATE ..!

 The Union budget 2016-17 has announced pragmatic measures to boost affordable housing and removed the last tax hurdle to Real Estate Investment Trusts (REIT).

* Exemption is being provided from service tax on construction of affordable houses up to 60 square metres under any scheme of the Central or State Government including PPP Schemes.

* The limit on the deduction of rent paid under section 80GG has been increased from Rs. 24,000 per annum to Rs. 60,000. The provisions with respect to unrealised rent and arrears of rent have been simplified.

* THE BUDGET PRESENTED THIS YEAR ANNOUNCED BENEFITS FOR THE FIRST-TIME BUYERS. There will be an additional deduction of up to Rs. 50,000 on the interest part of housing loans. It is applicable to those who are investing in property costing up to Rs. 50 lakhs and loan amout maximum is Rs. 35 lakh.


 It is immensely beneficial for the first time buyers as they would save a part of taxation and would also be offered lower interest rates. It will obviously encourage them to get a house for themselves.That also means that it will increase a market for affordable houses, which is mushrooming in and around the city.
Union BUDGET 2016-17 IMPLICATIONS ON REAL ESTATE ..! Reviewed by S. Chitra on March 05, 2016 Rating: 5  The Union budget 2016-17 has announced pragmatic measures to boost affordable housing and removed the last tax hurdle to Real Estate Inves...

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