Industry Body Expects Relief, Exemptions For Real Estate From Union Budget
The Finance Ministry that income tax on housing property interest should be increased from Rs 2 lakh to Rs 4 lakh so that real estate could see a boom.
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Federation of Jharkhand Chambers of Commerce and Industries (FJCCI) expects relief and exemptions for real estate sector from the Union Budget 2020, which is to be presented on February 1.
Talking to ANI, Praveen Kr Jain, vice president, FJCCI, said: "Real estate contributes to a great extent in our economy.
Most importantly, it provides employment. We have suggested the Finance Ministry that income tax on housing property interest should be increased from Rs 2 lakh to Rs 4 lakh so that real estate could see a boom. Presently builders give 5 per cent GST of housing property, but they don't get tax credit. This increases the cost." "Apart from this, we demand to increase the income tax examination limit. Also, we have given our suggestions for agriculture and industries. FJCCI is quite hopeful that good steps will be taken by the government for industry and trade sectors," he added.
Vikash Vijaywargiya, Joint Secretary, FJCCI, said that the Union Budget should be such that it ensures betterment for all.
"I think the Budget should be beneficial for all, and also it should take forward the industry and trade. Changes should be made in tax slab. Today the market is facing a cash liquidity crisis. So, the income tax limit should be increased to Rs 10 lakh. It will increase purchasing power and market will improve," he said.