By Ramesh Nair, CEO & Country Head, JLL
The Finance Minister has announced no additional tax liability in the hands of both buyers and sellers where the differential in the actual transaction value of the property and circle rate is upto 20%. This will be effective immediately upto June 30th 2021 and applicable for residential sales in the primary segment for ticket size up to INR 2 crore. This comes as a significant benefit for both buyers and sellers as it will reduce and rationalise tax outgo to a great extent. Developers will now have the incentive in the form of this revised tax provision to pass on the benefit of lower market prices to buyers without incurring additional tax liability under the erstwhile provisions.
This announcement is timely given the following developments in the real estate sector:
Corporate Comm India (CCI Newswire)
Located in Meydan in the heart of Dubai, the new residential community's designs and interiors…
Hyderabad, May 16, 2024: Ajitesh Korupolu, the founder & CEO of ASBL, emphasized the need for…
With 3BHK and 4 BHK residences starting at INR 4.97 Crore, Experion Elements will feature…
By Ramani Sastri - Chairman & MD, Sterling Developers Being the fastest-growing economy, India remains…
New Delhi, May 11, 2024: The Indian real estate market has already witnessed an unprecedented…
New Delhi, May 08, 2024: The real estate market is thriving, and the housing sector…