At A Glance
- Reduction in the holding period for computing long-term capital gains from transfer of immovable property from three years to two years.
- The base year for indexation is proposed to be shifted from April 1, 1981, to April 1, 2001, for all classes of assets, including immovable property.
- Under profit-linked income tax deduction scheme for promotion of affordable housing, carpet area instead of built up area of 30 and 60 sq m will be counted.
A 2016 report on the affordable housing space by real estate consultancy Cushman & Wakefield, indicated a 100 per cent rise in new launches in the first half of 2016 (H1 2016), in the affordable housing segment. If one goes by the announcements made by finance minister Arun Jaitley in his 2017 budget speech, the thrust on affordable housing has the potential to fulfil every Indian’s aspiration of owning a house. Industry players in the segment and observers of the sector believe that granting...