After facing intense effect and various fundamental ups and downs and claims in 2017, the real estate sector is seeking relief in the context of low GST and there is turmoil in the size of the Affordable Homes in Pataudi Road Gurgaon suitable for housing advantages.
Professionals believe that the government's attempts for the affordable housing segment for everyone' by 2022 can be speeded up in the upcoming central budget for 2018-19, by extension of the existing schemes and lessening the qualifying criteria for this.
Most collaborators are predicting a budget which will hope to present proposals which will help in increasing demand for new commercial Projects in Pataudi Road Gurgaon. In addition to rationality in GST rates, many home buyers are expecting an extension of the income tax deduction accessible because it can encourage the demand for introductory purchasers and aid increase.
The rebate accessible on principal on the loan taken for the acquirement of a residential house property, which is currently limited to 1.50 lakh under Section 80C, can be extended to enhance the earnings of the consumers.
Section 24 (B) of Income Tax Act, 1961, is required to amend the deduction of interest from the house property, even after ownership of the house, it is obtained from the manufacturer after more than five years. We need to eliminate the five-year limit to claim deduction under this section; this is one of the major recommendations made by the Home Buyers Group in the letter to the Finance Minister.
Last year's central budget gave the status of infrastructure for affordable New Real Estate Destination in Pataudi Road, and along with many other measures of Realty sector to pursue determination to provide a house for all. Given the strong demand for support for such houses and government, many developers have already reached this segment.
The Government can increase the limit from existing 2 lakh per year of the loss from house property; we can see the advantage of extra deduction which offers an additional deduction of 50,000 for the first time home purchaser.