Budget 2013 proposes urban housing fund, luxury homes to cost more

Feb 28 2013, 15:13 IST
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Budget for 2013 proposed to levy a 1% TDS on immovable properties of above Rs 50 lakh. (Reuters) Budget for 2013 proposed to levy a 1% TDS on immovable properties of above Rs 50 lakh. (Reuters)
SummaryBudget for 2013 proposed to levy a 1% TDS on immovable properties of above Rs 50 lakh.

Head Anuj Puri said.

The setting up of the Urban Housing Fund by the NHB will infuse liquidity for urban housing, thereby boosting demand.

"The TDS of 1 per cent to be charged on the transfer of immovable property is an obvious move to curb speculation and bring about improved reporting and accountability in high-value immovable property transactions," Puri said.

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