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Real estate industry's upcoming Budget 2023 sees one of the biggest group picks letter in home loans. Prime Minister Narendra Modi's government's hopes are gaining momentum.
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Director Due Diligence of Bhoomi Group believes that some tax incidences may come up for first time home buyers.
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For home loans, the government should consider increasing the deduction available under section 24(b) from Rs 2 lakh to Rs 5 lakh.
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The result will be positive in the form of consumer sentiments which will create an incentive to increase the demand for housing.
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Tax incentive and credit subsidy schemes, a major part of homebuyers, should be given in order. Provision for equity stock similar to section 112 as well.
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"10 years tax levied on capital gains arising from sale of house property, tax period of house property to be reduced to 12 months from existing 24/36 months.
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Niranjan Hiranandani, Managing Director, Hiranandani Group, said, qualifies as a "Long Term Capital Asset". He further said that based on the subsidy schemes,
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The ban should be lifted. The restriction in favor of the classification is not the house, both of which the ability to pay is not with a large section.
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With the accumulated filth, the treasurer of CREDAI-MCHI, Pritam Chivukula, wants the government to re-enforce the filth.