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Tax exemption by Govt. to increase the realty sales

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As a part of the upliftment measure for the downing realty the central govt. will be exceeding the tax exemption bracket up to Rs 2.5 lakhs per annum. As per the sources available at www.propertykhazana.com a serial talk was held between the Housing and Urban development ministry and the finance head Pranab Mukherjee and decided the exclusion to lessen the debt burden from both buyers and the developers.
Currently one home loan consumer is benefited with just Rs 1.5 lakhs as tax exemption where the payment of the principal is a part of section 80 (C) of the country’s income tax act which has a current ceiling of Rs 1 lakhs. Sources of www.propertykhazana.com also reveals that the govt. has already made the housing as one the most sought section for the future development and also announced by the President Pratibha Patil at the parliament.
Now this reduction is expected to get into implementations as soon as possible by the housing segment of the country so that buyers can avail the benefits of the schemes and hence more number of property sales can be added on to the realty graphs. However the budget document do not replicate the approximate revenue missed on account of this liberty to each buyer, but was roughly calculated nearly to Rs 38,107 crore where Rs 30,000 fall on the benefit criteria of Section 80 (C). For more and latest realty updates visit www.propertykhazana.com.
Source: NBTVLIVE

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