Nirmala Sitharaman LIVE: Tax relief for buyers of homes priced up to Rs 2cr
FM Nirmala Sitharaman is addressing the media. The govt has stimulus packages, as a part of Atmanirbhar Bharat 3.0, just a few days ahead of Diwali
BS Web Team |
Last Updated at November 12, 2020 15:07 IST
Finance Minister Nirmala Sitharaman on Thursday said that a few indicators were showing a distinct recovery in the economy. She went on to announce a new set of stimulus packages under ‘Atmanirbhar Bharat 3.0' a few days ahead of Diwali. To boost employment, the government launched the Atmanirbhar Bharat Rozgar Yojana to incentivise the creation of new employment opportunities. The new announcements aim to benefit companies and individuals who lost their jobs due to Covid-19 induced lockdown.
Under the scheme, if EPFO-registered companies bring in new employees or hire thosewho lost their jobs between March 1 and September 30 this year will be entitled to benefits under the new announcement.
In addition, the government announced relaxations in income-tax rules to push sale of primary residential units of up to Rs 2 crore value below circle rates. Till now, only 10 per cent difference between the circle rate and the agreement value was allowed. To boost residential real estate sector, Sitharaman said the differential had now been increased to 20 per cent till June 30, 2021, for only primary sale of residential units of value up to Rs 2 crore.
"This measure will reduce hardships faced by both home buyers and developers and help in clearing the unsold inventory," she said.
In total, the finance minister announced 12 new stimulus measures under Atmanirbhar Bharat 3.0.
Stay tuned for LIVE updates on Nirmala Sitharaman's announcements on economic stimulus.
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