India’s real sector has already got a great hit in the last couple of years after banning of high-value currency notes in the year of 2016. But the budget 2019 also brought great changes to real estate in a positive way. According to the experts, home buyers will have great benefits of the announced budget 2019. And many of you would like to know about it. Here, the prominent advantages are being shared. Let’s check it out.
- First, you possess two houses occupied your family members than national rent would be imposed on one of the two self-occupied houses. In India, there are so many people owning two houses. For middle-class families, it becomes a bit tough to pay taxes. With the new move announced by the government, you can choose the property on your own on which you want the tax should be applied. This rule is surely enough to make the middle-class population happy. There are so many people own two houses for various purposes like job, children education or for taking good care of parents etc. With this great move, now they do not have to be worried about paying tax on both properties. The nation rent would be either fair rent based on the neighborhood or the municipal rent.
- Are you having a good property? If it can make you have a long-term capital on selling? You do not need to worry about tax since you can get it reduced outgo by investing the amount in purchasing only one house. This rule has also played a great role to take real estate sale to another level. The budget comes up with a motto to increase disposable income for the middle-class taxpayers’ families. According to the experts, this budget 2019 is going to give a great hit to the country’s economy to the next level.
- Talking about another great step, it is TDS threshold for deduction of tax on rent is going to increase Rs. 2.40 lakh while it was 1.80 earlier. And this thing can absolutely attract more investors to get into buying a second home to make rental income and a great property investment This step is seriously great for small taxpayers. And this move is also going to encourage not only the existing but the potential homebuyers too.
- Moreover, the government has also extended section 80-IAB and it also made the people quite happy. This section allows 100 percent deduction on the profit which is made by the builder or developers from the affordable housing project. If you have contemplated investing in real estate, this is a great time to go ahead. Make sure that you have consulted all the things with the experts so that you will have the best results.
Indian real sector seems extremely happy after the announcement of budget 2019 since it brought a number of reasons to boost this field to another level. The budget is just amazing in many ways and benefited so many people. In short, the budget is positive and going to bring the results for the real estate.