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Gurgaon News  | Gurgaon Blogs  |  Gurgaon Article

Tax Incentives will Spur Housing Sector Economy
In the proposed budget, Finance Minister is expected to encourage the housing sector economy with the increase of the tax incentives. Demand of housing may also get increase in the middle income category according to the proposed budget. This budget will encourage people to buy and invest in their own houses instead of investing in traditional choices such as lease and rent. Houses ranging from Rs 100,000 to Rs 150,000 will able to boost the demand of housing in the middle income group due to increase of amount of deduction for interest payment. however, tax incentives may not beneficial for elite club peopleas compared to middle class. Narinder Juneja from GurgaonProperties.net said that tax incentives will not so much helpful for the higher income categories.

He also added thatpeople will able to buy their houses range from Rs 1-2 million and this doesn’t matter to them while purchasing their houses in the higher ranges. The process of buying and selling of property seeks approval from the Income Tax department which comes under the removal of section 230 (A) of Income Tax Act. Registration of the immovable property valued at Rs 500,000 seeks clearance easily for the further growth. People who need to buy flat may have to face some inconvenience as there will be hurdle in seeking certification by the IT department as there has been no tax charge on the property.

From April 2001, the amendments had taken place in which the government has made the existing provision related to the house property measures. According to the house property measures ‘income from house property’is calculated after the deductions of one-fourth of annual value of repairing and constructing the property. Constructing, acquiring or repairing of the property has been replaced with 30% of the annual value.

Many research have also been conducted which suggested that the housing subsidies will raise housing costs.
Demand of housing increases which leads to increase prices and also raised the market. Low-income households will not get any kind of benefits from the tax deductions as they are unable to afford their own houses. Many measures have been suggested while keeping the excising budget in mind to imply further stable recovery in houses. After this impact can be seen in the Rs 1.2-1.5 million budget segment which also enhances the demand base for residential developments.

Some property management companies said that Municipal authorities can take suggestions from the finance minister to boost the 25% of annual value to 30%. This percentage is calculated under the taxable income from house property.

Source :http://www.gurgaonproperties.net

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