Finance Minister Nirmala Sitharaman on Thursday announced relaxations in income tax rules to allow sale of primary residential units of up to ₹ 2 crore value below the circle rate.
Till now, only 10% difference between the circle rate and the agreement value was allowed.
To boost residential real estate sector, she said the differential has now been increased to 20% for period up to June 30, 2021 for only primary sale of residential units of value up to ₹ 2 crore.
“This measure will reduce harships faced by both home-buyers and developers and help in clearing the unsold inventory,” she said.
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