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Tax relief for homebuyers to boost sale of housing unitsThis measure will reduce harships faced by both home-buyers and developers, said Sitharaman
PTI
Last Updated IST
To boost residential real estate sector, she said the differential has now been increased to 20 per cent for a period up to June 30, 2021, for only primary sale of residential units of value up to Rs 2 crore. Credit: PTI Photo
To boost residential real estate sector, she said the differential has now been increased to 20 per cent for a period up to June 30, 2021, for only primary sale of residential units of value up to Rs 2 crore. Credit: PTI Photo

Finance Minister Nirmala Sitharaman on Thursday announced relaxations in income tax rules to allow the sale of primary residential units of up to Rs 2 crore value below the circle rate.

Till now, only 10 per cent difference between the circle rate and the agreement value was allowed.

To boost residential real estate sector, she said the differential has now been increased to 20 per cent for a period up to June 30, 2021, for only primary sale of residential units of value up to Rs 2 crore.

"This measure will reduce harships faced by both home-buyers and developers and help in clearing the unsold inventory," she said.

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(Published 12 November 2020, 15:36 IST)