2021 Budget Impact On Real Estate And Home Buyers

2021 Budget Impact on Real Estate and Home Buyers

February is always an exciting month for the common man. We eagerly wait for the Union Budget and forecast as it sets the tone for investment and expenditure every financial year. This year was especially crucial as people had high hopes and expectations in the post-COVID context. For real estate, the announcements were a bit of a mixed bag with benefits for homebuyers but limited benefits for the real estate sector on the whole. So, how do home buyers benefit from the budget? For one the Union Budget 2021 has extended the provision for the additional deduction of Rs.1.5 lakh…

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How Is Property Tax Calculated In India?

How Is Property Tax Calculated In India?

Property Tax (also known as House Tax) is a tax levied by the local municipal authorities anywhere in India. Usually, this meant for upkeep of public amenities such as roads, sewerage systems, parks, and other infrastructure facilities like lighting etc., as well as for maintenance of the existing infrastructure. Owners of the property over whom tax is levied have to pay, either annually or semi-annually. Property tax rates differ across states, cities and even within zones of the same city. Property Tax is a major source of revenue in urban local bodies in almost every part of the world. For example, Mumbai collects…

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Everything You Need To Know About The New GST Rate To Be Applicable From April

Everything You Need To Know About The New GST Rate To Be Applicable From April

Real estate developers with unsold housing inventories can now choose either the old rate or the new one if the project is still under construction on March 31st. This option was given on Tuesday at the Goods and services Tax Council meeting. The decision cleared the air on possible loss in input-tax credit that is underway if realtors choose the new rate structure. The council approved a formula, which will determine the extent to which tax credit can be claimed on purchases for constructions and 15% commercial space as a residential property of new rate structure. “Developers will get minimum…

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