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Interim Budget 2019: Tax rebate for affordable housing excites developers

In an effort to push the Prime Minister's 'Housing for All' initiative, the government has announced a set of tax reforms for the real estate sector in the interim Budget

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Interim Budget 2019  |  Budget 2019  |  Real Estate Sector

Raghavendra Kamath & Karan Choudhury 

The government on Friday allowed a rebate on taxable income between Rs 2.5 lakh to Rs 5 lakh per annum in the interim Budget for 2019-20 (FY20). Experts believe this might boost the prime minister’s housing for all initiative, as it would provide additional disposable income to potential buyers of affordable homes.

The size of the real estate sector in the country is $200 billion. Around 15.3 million houses have been constructed under the Pradhan Mantri Awas Yojana (PMAY). “From 2014 to 2018, 15.3 million houses have been built under the PMAY,” Finance Minister Piyush ...

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First Published: Fri, February 01 2019. 20:36 IST