Atmanirbhar 3.0: Income Tax Relief for Developers and Home-Buyers

atmanirbhar 3.0

As part of Atmanirbhar 3.0 to boost the demand for residential real estate in the country, Finance Minister of India Nirmala Sitharaman has announced income tax relief for developers and home-buyers. This initiative aims to push economic growth. For houses costing up to ? 2 crores, the first-time buyers will get income tax relief of up to 20%. This will be available till June 30, 2021. Read all the detailed information on Surfaces Reporter (SR).

Nirmala Sitharaman said, "This will incentivize people to buy homes and bring down the excess inventory."

"The government has decided to increase the differential from 10 per cent to 20 per cent under Section 43(CA) of the IT Act till June 30, 2021," she added.

The Finance Minister also added that in due course necessary amendments to the income tax act will be made under Section 56(2)(x) of IT Act.

Lastly, Nirmala Sitharaman emphasized that this will help the middle class which wants to buy when the housing sector is sitting on inventories.

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