Govt announces tax relief on sale of housing units

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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