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| Realty sector seeks tax reliefs in Budget |
| Press Trust of India / Mumbai Feb 18, 2010, 14:50 IST |
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With the budget just a little over a week away, the Indian realty sector has lined up its wish-list which include a tax holiday under Section 80-1B for affordable housing, promoting real estate mutual funds (REMFs) and clarity on introduction of a real estate regulator, among others.
With a strong push now being given to affordable housing, "a tax holiday under Section 80-1B for affordable housing should be given for units below 1,200 sq. ft.", Marathon Group's Manging Director Mayur Shah said.
A specific tax incentive and rationalisation of stamp-duty registration charges would lead to further investments in affordable housing projects, Lodha Developers' Managing Director Abhisheck Lodha said.
The industry also called for an upward revision to tax exemption to the extent of Rs 3 lakh on housing loan interest payment.
"An upward revision to the extent of Rs 3 lakh compared to Rs 1.50 lakh available now on housing loan interest payment under Section 24 (b) of the IT Act will help boost demand for residential units," Sahara Prime City's CEO Sushanto Roy said.
He also called for a tax holiday for hotels under Section 80 1D to be extended to 10 years from the present five-years, in view of the long gestation period for the industry.
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