Budget 2019 for home buyers India Benefits
Yes, budget 2019 India has come out! And those who seem to be benefitting are the first time home buyers, including the real estate developers.
What are the expectations of home buyers from the budget 2019-20?
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Expansion of infrastructure.
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Increase in tax relief.
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Increase in tax benefits for the first time buyers.
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Standardization of property registration process, involving cost and much more.
The interim finance minister has introduced many new reforms – considering budget 2019 for new home buyers. These reforms start from exempting tax limit to TDS (tax deducted at source) on house rent. Let's have a look at these liberal budget 2019 highlights for home buyers.
Budget 2019 for home buyers India – Benefits
Budget 2019 first home buyers
Everyone wishes to settle down with their families in their own homes. But buying a property involves a large capital, which is a concern for money. With the budget 2019 home buyers plan, there will be more money in the hands of the buyers. However, the latest income tax exemption is a blessing for people with an annual income of more than 6 lakhs – as they will be able to save around 28,000. This, in turn, can result in a huge boost for the real estate housing sector to meet with the government's vision of "housing for all by 2020".
2019 budget impact on real estate/ property in India
Big thanks to the budget 2019! As the government has announced, there will be an extension of the benefit (section 80 IBA) for another year.
Exemption on levy of tax on notional rent
Another plus, the real estate - budget 2019 has proposed that no tax will be charged on notional rent on a second self-occupied property.
Capital gain benefits
Budget 2019 first home buyers have proposed several steps – including roll-over of capital gains tax on the sale of the houses.
Major emphasis on the growth of infrastructure
With the budget 2019 for home buyers, the government has announced Rs. 19,000 crores will be passed in boosting the social and physical infrastructure.
Increased TDS on rental income
The budget 2019 has announced – the tax on rental income will be heightened from the previous limit of (1.8 lakhs) to the current amount of (2.4 lakhs).
GST for homebuyers in budget 2019
Earlier GST was implemented at the rate of 18% on properties under construction. Budget 2019 has reduced to a mere 5% which will lead to high incentives and help in generating more housing demands in the future.
Finally summing up, budget 2019 for homebuyers has introduced several new trends in the Indian real market. The new benefits added will encourage potential homebuyers to invest in India's real estate – housing sector…