New Delhi: The Modi government has given a great Diwali gift to the home buyers. The Modi government has announced a steep discount in the circle rate on the purchase of houses. The government has increased the concession in the circle rate from 10 percent to 20 percent. Union Finance Minister Sita Nirmalraman has announced an exemption in income tax rules on the sale of housing units up to Rs 2 crore for the first time below the circle rate.
This announcement of the government will give a boost to residential real estate and the middle class will feel relief. According to this government rule, your flat or house must be new. This scheme will not be applicable on resale flats. Also the price of this house should be less than 2 crores. The benefit of this facility given by the government will be available only till 30 June 2021. Under this, the buyer and seller had to pay tax under sections 43C and 50C. Also, LTCG tax had to be paid at more than 10 percent difference in stamp duty and agreement value.
Finance Minister Nirmala Sitharaman made this announcement on Thursday under Self-Reliant India Package 3.0. Nirmala Sitharaman announced an economic relief package of Rs 2,65,080 crore. In this package of the government, the government has given relief to the workers as well as the workers and the middle class. He said that, home buyers and developers are given relief in income tax. It has also been decided to increase the difference in circle rate and agreement value from 10 percent to 20 percent.
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