New Delhi: Finance Minister Nirmala Sitharaman on Thursday announced relaxations in income tax rules to allow sale of primary residential units of up to Rs 2 crore value below the circle rate.
Till now, only 10 per cent difference between the circle rate and the agreement value was allowed. Also Read - Govt Launching Credit Guarantee Support Scheme for Healthcare & 26 Sectors Stressed due to Covid: FM Sitharaman
To boost residential real estate sector, she said the differential has now been increased to 20 per cent for period up to June 30, 2021 for only primary sale of residential units of value up to Rs 2 crore. Also Read - Sitharaman PC Updates: Atmanirbhar Bharat 3.0 Package of Rs 2.65 L Cr Announced; From New Job Scheme to Tax Relief in Housing, Details Here
“This measure will reduce harships faced by both home-buyers and developers and help in clearing the unsold inventory,” she said.