Dr. Nitesh Kumar, MD & CEO
“After agriculture, real estate is the second largest employment creater in India and one of the major contributors in the National GDP. Indian Government should introduce the Goods and Services Tax (GST) with Input Tax Credit.
To boost the struggling Real Estate sector and ensure ‘Housing for All’ till 2022, Industry wants from the Honorable Finance Minister to Increase the present limit of Rs 2 Lakhs for Interest on Housing Loan U/s 24(b) of IT Act.
For the First Time home buyers the existing cap of property value is Rs 50 lakhs with a loan amount of Rs 35 lakhs under section 80EEA. Industry wants it should be be increased to Rs 75 Lakhs and Rs 60 Lakhs respectively. Quantum of interest u/s 80EE must be increased to Rs. 2 Lakhs. The tax exemption under Section 80(C) should be increased from the current Rs 1.5 Lakhs to Rs 10 lakhs.
We are anticipate in the the upcoming Budget for Financial Year (FY) 2020-21 Government to relax income tax norms, offer single-window clearance and GST reforms.
Apart from this, pro Industry measures like easing out of the liquidity issues that are being faced by the sector can aid the buyers to make investments, thus lending a positive push to the vision of ‘Housing-For-All’.”