Chennai:
Currently, 36 months holding period is a must
for qualification as a long term capital asset. This should be reduced and the
holding period for qualification as a long term capital asset should be 12
month. He also sought reduction of tax rate on long term capital gains on
transfer of house property to 10 per cent.
Chennai
realtors are expecting the Union government to enhance Income Tax exemption for
up to Rs 3 lakh paid as interest on housing loans in a year from the existing
Rs 1.5 lakh to boost the real estate market.
“The
market, which was struggling last financial year, has picked up and we expect
the government to enhance income tax exemption limit,” said Siva Krishnan, head
of residential services (Chennai) Jones Lang LaSalle India.
Confederation
of Real Estate Developers' Associations of India feels reforms need to be
ushered in realty sector and housing policy should be amended in order to
address huge demand of 26 million homes.
“One
of the key concerns the real estate sector has been facing is the inordinate
delay in sanction of approvals. Provision of single-window clearance for real
estate development projects is the need of the hour,” says CREDAI president T
Chitty Babu.
“Some
of the measures like creation of Special Residential Zones could meet some of
the demand of 26 million homes. Affordable housing sector should continue to
grow based on the incentive given for borrowings from banks for homes and the same
should be further enhanced,” Chitty Babu felt.
“The
present limit for deduction under section 80C is Rs one lakh. In addition to the
present deduction upto Rs one lakh, a separate limit up to Rs three lakh deduction
be permitted for repayment of principal portion of housing loan for self
occupied residential property,” he added.
He
also said the present limit for deduction of interest against “rental income”
under section 24(b) is Rs 1.5 lakh for self occupied property. This limit
should be enhanced to Rs 3 lakh for self occupied property.
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