Unlocking the Secrets of Budget 2024: Impact on India's Real Estate Sector
Get expert insights on the implications of Budget 2024 on India's real estate market, tax relief on home loans, and more.
Real EstateBudget 2024Home LoansTax ReliefLtcgReal Estate NewsJul 15, 2024
Impact on Real Estate Sector
The real estate sector is one of the most significant contributors to India's GDP. However, it has been facing challenges such as slow sales, high inventory levels, and liquidity crunch. The sector is hoping for some relief in the form of tax incentives, relaxation in norms, and infrastructure development.
Tax Relief on Home Loans
One of the most awaited announcements in the budget is the tax relief on home loans. The current tax deduction limit is Rs 2 lakh, which is insufficient considering the rising property prices. An increase in the tax deduction limit could encourage more people to invest in real estate, thereby boosting demand.
Will the Scope of Exemption in LTCG Increase?
Long-term capital gains (LTCG) tax has been a contentious issue in the real estate sector. The current exemption limit is Rs 2 crore, which is considered low. An increase in the exemption limit could provide relief to investors and encourage them to invest in real estate.
Several real estate companies, including Godrej Properties, DLF Limited, and Oberoi Realty, are hoping for a boost in demand and sales with the announcement of budget-friendly policies.
In conclusion, the real estate sector is eagerly waiting for the Budget 2024 to bring in some relief and boost demand. With the right policies, the sector could see a turnaround and contribute significantly to India's economic growth.
Frequently Asked Questions
What is the current tax deduction limit on home loans?
The current tax deduction limit on home loans is Rs 2 lakh.
What is LTCG tax in real estate?
LTCG (Long-term capital gains) tax is a tax on the profit made from selling a property after holding it for more than two years.
How does the real estate sector contribute to India's GDP?
The real estate sector is one of the most significant contributors to India's GDP, contributing around 7-8% to the country's economy.
What are the challenges faced by the real estate sector?
The real estate sector is facing challenges such as slow sales, high inventory levels, and liquidity crunch.
What are the expectations of the real estate sector from Budget 2024?
The real estate sector is hoping for tax incentives, relaxation in norms, and infrastructure development to boost demand and sales.
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