Ahead of the Union Budget, the real estate sector in India, represented by the National Real Estate Development Council (NAREDCO), has articulated several key demands aimed at revitalizing the sector and supporting the government’s ‘Housing for All’ initiative. These recommendations are designed to address existing challenges and stimulate growth in real estate.
NAREDCO has proposed significant changes to tax policies, emphasizing the need for a comprehensive overhaul to enhance competitiveness and efficiency across corporate and individual tax frameworks. One of the primary concerns raised by NAREDCO is related to the treatment of property held as stock-in-trade by developers. Currently, under existing tax laws, notional income tax is levied after two years from obtaining the construction completion certificate if the property remains unsold. NAREDCO suggests extending this period from two to five years or eliminating the tax on notional income altogether, especially in light of prevailing market conditions that have weakened demand.
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Denne historien er fra July 18, 2024-utgaven av The Business Guardian.
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