Top News:

Budget 2016 expectations: Income tax benefits, making housing cheaper key for India

Tue February 23 2016, 6:50 pm
  • Budget 2016, budget 2016 expectations, Budget news, Budget latest news, income tax slab, income tax slab rate, income tax return, income tax india, income tax refunds, Budget expectations, budget session 2016, budget 2016 date, housing, housing for all, Union Budget 2016-17, Arun Jaitley, Arun Jaitley news, Narendra Modi, Narendra Modi news, business news

    Union Budget 2016 expectations: What will hold the key for Union Budget 2016-17 and the common man who is waiting for relief from the debilitating problems besetting the Indian economy are incentives for affordable housing and tax benefits - annual exercise is due on February 29. However, with a focus on strengthening the economy, improving the investment climate with more public spending, boosting infrastructure and spurring demand and growth, the PM Narendra Modi led NDA government may have little fiscal room in Budget 2016 for measures that specifically help the realty sector. We take a look at the expectations from FM Arun Jaitley in Budget 2016: (Express Photo)

  • Budget 2016, budget 2016 expectations, Budget news, Budget latest news, income tax slab, income tax slab rate, income tax return, income tax india, income tax refunds, Budget expectations, budget session 2016, budget 2016 date, housing, housing for all, Union Budget 2016-17, Arun Jaitley, Arun Jaitley news, Narendra Modi, Narendra Modi news, business news

    Union Budget 2016 expectations: In this backdrop, the sector is pinning hopes on tax benefits for home loans like increasing home loan principal repayment exemption limit from Rs 1.5 lakh to at least Rs 2 lakh and increasing deduction limits on home loan interest from Rs 2 lakh to Rs 3 lakh for self-occupied property. In the 2014 budget, this limit was raised by Rs 50,000. (Express Photo)

  • Budget 2016, budget 2016 expectations, Budget news, Budget latest news, income tax slab, income tax slab rate, income tax return, income tax india, income tax refunds, Budget expectations, budget session 2016, budget 2016 date, housing, housing for all, Union Budget 2016-17, Arun Jaitley, Arun Jaitley news, Narendra Modi, Narendra Modi news, business news

    The study covered nine key cities -- Mumbai, Pune, Noida, Gurgaon, Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad. (Express Photo)

  • Budget 2016, budget 2016 expectations, Budget news, Budget latest news, income tax slab, income tax slab rate, income tax return, income tax india, income tax refunds, Budget expectations, budget session 2016, budget 2016 date, housing, housing for all, Union Budget 2016-17, Arun Jaitley, Arun Jaitley news, Narendra Modi, Narendra Modi news, business news

    Union Budget 2016 expectations: There is also a case for mortgage reforms to fully avail these tax benefits. Under the current rules, tax benefits can be availed by home loan takers only after they get possession of their homes. But considering long delays in delivery of homes, real estate developers are seeking an amendment to avail tax benefits from the time home buyers take loans. (Express Photo)

  • top ten business news, ola, ola cab, ola shuttle, vijay mallya, vijay mallya debt case, kingfisher airlines, baba ramdev, patanjali products, rafale jet, rafale jet deal, leeco, leeco smart car, leeco driverless car, Rameswaram Railway station, Travel Food Services, gatiman express, Pune flat fraud, air asia, business news

    9. Pune flat fraud: EOW begins probe, says 20k buyers registered: The Economic Offences Wing today said close to 20,000 prospective buyers seem to have registered in Maple Group's controversial project which promised one-bedroom flats for Rs five lakh, a day after a case of cheating was registered against senior executives of the firm. The EOW appealed people, who have registered with the housing project by believing in "misleading" advertisements, to come forward and lodge their grievances with the agency. The case of cheating and criminal conspiracy against Maple Group's CMD Sachin Agarwal, MD Naven Agarwal, Sales Manager Priyanka Agarwal and other office staff lodged by police yesterday has been transferred to EOW. (Representational Image)

  • Pradhan Mantri Awas Yojana, Pradhan Mantri Awas Yojana news, Narendra Modi, Budget 2016, union Budget 2016, arun jaitley, housing for all, Pradhan Mantri Awas Yojana latest news

    The Pradhan Mantri Awas Yojana allocation for the ministry for 2016-17 was up 277 per cent against the revised estimate of Rs 1,952 crore in 2015-16. Budget 2016-17, presented by Finance Minister Arun Jaitley in Parliament, earmarked Rs 5,075 crore for the Pradhan Mantri Awas Yojana (Urban), a massive hike from the Rs 1,231 crore revised estimate for 2015-16. (Express photo)

  • Budget 2016, budget 2016 expectations, Budget news, Budget latest news, income tax slab, income tax slab rate, income tax return, income tax india, income tax refunds, Budget expectations, budget session 2016, budget 2016 date, housing, housing for all, Union Budget 2016-17, Arun Jaitley, Arun Jaitley news, Narendra Modi, Narendra Modi news, business news

    Union Budget 2016 expectations: Last year, the Reserve Bank of India (RBI) effected a total of 100 basis points of interest rate cuts to provide momentum to housing market but the banks passed on only a part of this to consumers, with the result that it hardly had any worthwhile impact on sales. Another significant factor that was responsible for holding back home buyers was massive delivery defaults with long delays, badly shaking consumers' confidence. Though the industry is demanding substantial interest rate cuts to provide a fillip to housing market, considering that the RBI has little leg room tn this regard, one does not expect any relief on this front. (Express Photo)

  • Budget 2016, budget 2016 expectations, Budget news, Budget latest news, income tax slab, income tax slab rate, income tax return, income tax india, income tax refunds, Budget expectations, budget session 2016, budget 2016 date, housing, housing for all, Union Budget 2016-17, Arun Jaitley, Arun Jaitley news, Narendra Modi, Narendra Modi news, business news

    Union Budget 2016 expectations: Over the last few years, the affordability of real estate has been badly hit due to rising inflation and property prices amidst worsening job market with salary freezes or nominal hikes, resulting in decline in disposable income. While the implementation of the Seventh Pay Commission report will considerably boost disposable income of government sector employees, in this year's budget, the government may well hike the personal income tax limit by about Rs 50,000 to ensure more disposable income in the hands of private sector employees to spur home buying. (Vinod Behl is editor, Realty Plus, a leading real estate monthly. The views expressed are personal.) (Express Photo)

  1. No Comments.

ANALYSIS / EXPERT COMMENTS

Go to Top