INCOME TAX RELIEF FOR REAL-ESTATE DEVELOPERS AND HOME BUYERS #EDUCRATSWEB

  • Home
  • Jobs
  • Q&A
  • Register
  • Login
  • Search Business Directory
  • List Your Business for Free - Join Us & bring more customers

  • As part of the AatmaNirbhar Bharat Package 3.0 as announced by Hon’ble Finance Minister on 12th November, 2020, certain income tax relief measures were brought in for real-estate developers and home buyers.

    Up to 2018, section 43CA of the Income-tax Act, 1961 (‘the Act’) provided for deeming of the stamp duty value (circle rate) as sale consideration for transfer of real-estate inventory in the case the circle rate exceeded the declared consideration. Consequentially, stamp duty value was deemed as purchase consideration in case of buyer under section 56(2)(x) of the Act. 

    In order to provide relief to real estate developers and buyers, the Finance Act, 2018, provided a safe harbour of 5%. Accordingly, these deeming provisions triggered only where the difference between the sale/purchase consideration and the circle rate was more than 5%. In order to provide further relief in this matter, Finance Act, 2020 increased this safe harbour from 5% to 10%. Therefore, currently, the circle rate is deemed to be the sale/purchase consideration for real estate developers and buyers only where the variation between the agreement value and the circle rate is more than 10%.

    In order to boost demand in the real-estate sector and to enable the real-estate developers to liquidate their unsold inventory at a rate substantially lower than the circle rate and giving benefit to the home buyers, it has been decided to further increase the safe harbour from 10% to 20% under section 43CA of the Act for the period from 12th November, 2020 to 30th June, 2021 in respect of only primary sale of residential units of value up to Rs. 2 crore. Consequential relief by increasing the safe harbour from 10% to 20% shall also be allowed to buyers of these residential units under section 56(2)(x) of the Act for the said period. Therefore, for these transactions, circle rate shall be deemed as sale/purchase consideration only if the variation between the agreement value and the circle rate is more than 20%.

    Legislative amendments in this regard shall be proposed in due course.

    Sources https://pib.gov.in/PressReleasePage.aspx?PRID=1672636

    Income Tax relief for Real-estate Developers and Home Buyers
    We would love to hear your thoughts, concerns or problems with anything so we can improve our website educratsweb.com ! email us at educratsweb@gmail.com and submit your valuable feedback.
    Save this page as PDF | Recommend to your Friends

    JOIN OUR TELEGRAM DISCUSSION GROUP | SUBSCRIBE TO OUR NEWSLETTER
    April 21 - Historical Events - On This Day
    National Civil Service Day - 21 April  IMAGES, GIF, ANIMATED GIF, WALLPAPER, STICKER FOR WHATSAPP & FACEBOOK
    National Civil Service Day - 21 April
    #21April

    Recent Posts

    1. 2200 UN, NGO, Home Jobs
    2200 UN, NGO, Home Jobs Public Health/ Immunization Consultant to Support COVID-19 Vaccine Introduction in the State of Andhra Pradesh UNICEF Location: Vijayawada, Andhra Pradesh Apply by: 21 Apr 2021 http://www.devnetjobsindia.org/jobdescription.aspx?job_id=162657 Media Con
    2. Home Library Scheme
    Concession to Member of the Home Library Scheme: The Division will provide a discount of 20% on the books purchased by the members of the scheme, The minimum order under the scheme will be Rs.100/- after discount. The postage on dispatch on the publications will be borne by the Publications Division i.e. Free of cost. The members will re
    3. NERAMAC supports farmers & producers of North East to increase their income: Dr Jitendra Singh
    today said North Eastern Regional Agricultural Marketing Corporation Limited (NERAMAC) supplies good quality seeds, planting materials, machinery and equipment to State Governments to increase the income of farmers. In a written reply to question in Lok Sabha, he said, NERAMAC conducts skill development training programme for exporters (startups) small and local entrepreneurs. NERAMAC also provides platforms to small and local entrepreneurs to market their products through various events and exhibitions
    4. Relief Package for Unemployed Labourers
    The global spread of the corona virus (COVID-19) pandemic followed by lockdowns has affected global economies including India. Covid-19 has resulted in large number of migrant workers going back to their native places. In order to mitigate the adverse impact of COVID-19. Government of India has announced an economic package of Rs. 20 Lakh Crore. Aatmanirbhar Bharat which focuses on Economy, Infrastructure, System, Vibrant Demography and Demand to create jobs for the youth has also been launched.
    5. Union Home Minister, Shri Amit Shah conveys greetings to mark Independence Day
    Union Home Minister, Shri Amit Shah has conveyed greetings to mark Independence Day. On the occasion of India’s 74th Independence Day, the Union Home Minister unfurled the National Flag at his residence here today. In his message, Shri Amit Shah said,“On the occasion of Independence Day, I bow before those who contributed to India’s freedom with their valour and sacrifice and I also pay my respects to those brave men and women who made the supreme sacrifice in the cause of the nati
    6. Measures to promote growth, investment and create new employment opportunities through amendments in the Income Tax Act 1961
    In September 2019, the Government announced several measures to promote growth, investment and create new employment opportunities through the amendments in the Income-tax Act, 1961 and the Finance Act (No. 2), 2019. This was stated by Shri Anurag Singh Thakur, Minister of State for Finance & Corporate Affairs in response to a question asked in the Lok Sabha today. Shri Thakur enumerated the measures taken by Ministry of Finance, which are as follows: reduction in the corp
    7. Income generation activities for tribals pick up as states take up MFP procurement at revised MSP in right earnest
    Income generation activities for  tribals pick up as states take up MFP  procurement at revised MSP in right earnest There has been an encouraginglypositive response from the States asthe government continues its efforts to help the poor and marginalized people find their feet in the aftermath of the Covid-19 pandemic. In the context of tribal people, TRIFEDunder the aegis of the Ministry of Tribal Affairshad advised the State Governments to plan the effective implementati
    8. Government of India encouraging start-ups in the field of agriculture for enhancing income of farmers and providing employment opportunities to youth - Union Agriculture and Farmers Welfare Minister Shri Narendra Singh Tomar
    The Union Government accords very high priority to the agriculture sector. In order to contribute directly and indirectly to enhancing the income of farmers by providing opportunites to them and to provide employment to youth, start-ups are being encouraged.    Union Minister for Agriculture and Farmers Welfare, Rural Development and Pa
    9. Union Home Minister Shri Amit Shah conveyed his best wishes to Indian Police Service (IPS) officers of 71RR (Regular Recruit, 2018 batch) on their Dikshant Parade
    The Prime Minister Shri Narendra Modiinteracted with the Indian Police Service (IPS) officers of 71RR (Regular Recruit, 2018 batch) on their Dikshant Parade at the iconic Sardar Vallabhbhai Patel National Police Academy (SVPNPA), Hyderabad via video conferencing today.Union Home Minister, Shri Amit Shah also participated in the Parade via video conferencing. Expressing gratitude to the Prime Minister fo
    10. Income Tax Return
    Income Tax Return is a form that is used to file the income tax with the Income Tax Department. Income tax is a tax imposed by the Central Government on the income of a person. Filing income tax is every citizen’s responsibility. The IT department verifies these declarations of income and if any amount has been paid in excess, the department refunds the amount to the assessee’s bank account. All entities are required to file the taxes on time to avoid penalties. The form that contai
    11 नवादा. इस वक़्त पूरा देश कोरोना (Corona) की चपेट में है और इससे लड़ने का एकमात्र विकल्प है लोगों से दूरी. कोरोना से लड़ने के लिए पीएम (PM) के आह्वान के बाद सोशल डिस्टेंसिंग (Social Distancing) का असर अब बिहार के छोटे शहरों में भी देखने को मिल रहा है जिसमें नवादा (Nawada) भी शामिल है. यहां स्थानीय प्रशासन के द्वारा सभी दुकानदारों को अपने दुकान के बाहर गोल घेरा बनाकर सब्जी एवं अन्य खाद्य सामग्री बेचने का निर्देश दिया गया है जिसका सभी दुकानदार सख्ती से पालन भी करते दिख रहे हैं. #IndiaFightCirona #StayHome #StayHomeIndia #StayAtHomeSaveLives
    12 Customer square for social distancing at essential community shop. #StayHome #StayHomeIndia #StayAtHomeSaveLives
    13 Sonam Kapoor Ahuja - (born 9 June 1985) is an Indian film actress. She has received a National Film Award and a Filmfare Award, and from 2012–2016, she appeared in Forbes India Celebrity 100 list based on her income and popularity.
    14 Patanjali Badam Pak keeps you fit and active all day long. It improves your mental as well as physical endurance, provides strength and energy. #PatanjaliProducts #ImmunityBoosters #StayHomeStaySafe
    15 Thanawala Maternity Home & IVF Clinic
    16 খুশকি থেকে মুক্তি পাওয়ার ঘরোয়া প্রতিকার
    17 50 bedded isolation ward is ready in district hospital Purnea. Similar isolation wards and quarantine centres are ready in whole district. In case of any queries/complaints call at 06454-242319. #COVID19 #StayAtHomeSaveLives
    18 नोवल कोरोना वायरस (COVID-19) के संक्रमण से बचाव हेतु I #BiharHelthDept #IndiaFightsCorona #StayAtHomeSaveLives #COVID19
    19 अपने सुरक्षित रहीं, आ दोसरो के सुरक्षित राखीं का करीं आ का ना करींI #BiharHelthDept #IndiaFightsCorona #StayAtHomeSaveLives #COVID19
    20 Pain Relief Online USA
    Follow us on Twitter  IMAGES, GIF, ANIMATED GIF, WALLPAPER, STICKER FOR WHATSAPP & FACEBOOK Follow us on Twitter

    Jobs & Career Engineering Faculty & Teaching Defense & Police UPSC Scholorship Railway IT & Computer SSC Clerk & Steno UGC NET
    Contents News Education General Awareness Government Schemes Admit Card Study Material Exam Result Scholorship DATA Syllabus Contact us
    Explore more Archives Web Archive Register / Login Rss feed Posts Free Online Practice Set Useful Links / Sitemap Photo / Video Search Pincode Best Deal Greetings Recent Jobs Guest Contributor educratsweb Latest Jobs Notification sarkariniyukti.blogspot.com Bharatpages - BUSINESS DIRECTORY IN INDIA - FREE ONLINE BUSINESS LISTING
    Our Blog Educratsweb Blog Bhakti Sangam chitragupta ji maharaj shri shirdi sai baba sansthan
    Follow my blog with Bloglovin


    Guest Post | Submit   Job information   Contents   RSS feed   Link   Youtube Video   Photo   Register with us Register login Login
    Bengali English Gujarati Hindi Kannada Punjabi Tamil Telugu Urdu or Any other Language Google's cache Page
    educratsweb logo
    educratsweb provide the educational contents, Job, Online Practice set for students.
    if you have any information regarding Job, Study Material or any other information related to career. you can Post your article on our website. Click here to Register & Share your contents.
    For Advertisment email us at educratsweb@gmail.com
    #Search | http://educratsweb.com/content.php?id=4921