Incentive for Real Estate sector proposed in Union Budget
New Delhi, Feb 1 (IBNS): Union Minister for Finance and Corporate Affairs, Arun Jaitley, in his latest Budget, has proposed some adjustment in the real estate sector in respect of transactions in immovable property,.
While presenting the General Budget 2018-19 in Parliament on Thursday, he said, “Currently, while taxing income from capital gains, business profits and other sources in respect of transactions in immovable property, the consideration or circle rate value, whichever is higher, is adopted and the difference is counted as income both in the hands of the purchaser and seller. Sometimes, this variation can occur in respect of different properties in the same area because of a variety of factors including shape of the plot and location.”
Therefore, the Finance Minister has proposed that no adjustment shall be made in a case where the circle rate value does not exceed 5 per cent of the consideration.
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