Union budget for the year 2015-16 is a “Fairly Good budget” focused on massive infrastructure development and strengthening of country’s economy in order to make India an economic super power. The budget is growth oriented. We are happy to share here that the Finance Minister has accepted couple of suggestions made by the apex body of the Real estate developers.
Some of the key measures that would benefit the real estate sector include abolition of wealth tax which will allow people to hold more than one house and real estate for renting purpose without additional tax implications. Major highlights of this budget are: Reduction in corporate tax from 30 per cent to 2 per cent, REIT‘s exemption from Capital Gains tax, Deferral of GAAR big investments in infrastructure, GST, Committee to set up regulatory mechanism towards single window clearance.
We are sure that with the focused approach towards taking the economy to a next level may pass on several benefits over the period of implementing the measures. We are eagerly waiting for action on these proposals.
