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New Delhi, Feb 1 (IANS) In a bid to increase demand in the realty market, Union Finance Minister Nirmala Sitharaman on Saturday announced a proposal to extend additional deductions of up to Rs 1.5 lakh for the interest paid on loans for purchase of affordable houses, up to March 2021. The deductions so far were allowed on housing loans sanctioned on or before March 31, 2020. "For realisation of the goal of 'housing for all' and affordable housing, in the last budget I had announced an additional deduction of up to Rs 1.50 lakh for interest paid on loans taken for the purchase of an affordable house. In order to ensure that more persons avail of this benefit and to further incentivise the affordable housing, I propose to extend the date of loan sanction for availing this additional deduction by one more year," Sitharaman said. Further, in order to boost the supply of affordable houses in the country, the Budget proposed a tax holiday on profits earned by developers of affordable housing projects approved by March 31, 2020. She also announced concession to real estate transactions. Currently, while taxing income from capital gains, business profits and other sources in respect of transactions in real estate, if the consideration value is less than the circle rate by more than 5 per cent, the difference is counted as income both in the hands of the purchaser and seller. "In order to minimise hardships in real estate transactions and provide relief to the sector, I propose to increase the limit of 5 per cent to 10 per cent," the Minister said. These announcements were, however, not adequate to raise the sentiment in the realty market. Niranjan Hiranandani, President, National Real Estate Development Council (NAREDCO) said: "Marathon Budget 2020 has set the tone in a positive direction but failed to announce the much-awaited economic stimulus to kick-off the 5 trillion dollars economy. It subsequently has incremental allocation inadequacies with overemphasis on fiscal prudence and inflation target." "The labour-intensive real estate sector -- which had pegged hope on additional liquidity infusion, tax reforms and rental housing -- was overlooked in the Budget. Any fiscal measure in the sluggish real estate sector could have provided a fillip. Wherein, tax benefits extended to both home buyers and developers in affordable housing sector will encourage more launches in this segment," Hiranandani said. Rahul Grover, CEO of SECCPL, however, said that the Budget revealed the government's intentions towards bettering the infrastructure. "The real estate sector can expect an array of opportunities to explore different projects, both residential and commercial, and the tax benefits being offered on the affordable housing initiatives are a positive indication of the year to follow," he added.

Tax deduction on affordable housing loans extended by one year

February 1, 2020 - by IANS

New Delhi: In a bid to increase demand in the realty market, Union Finance Minister Nirmala Sitharaman on Saturday announced a proposal to extend additional deductions of up to Rs 1.5 …

Flame-throated bulbul ‘Rubigula’ official mascot for 36th National Games

February 1, 2020 - by IANS

Panaji,Union Minister of State for Sports Kiren Rijiju and Goa Chief Minister Pramod Sawant on Friday formally unveiled ‘Rubigula’, the flame-throated bulbul, as the official mascot for the upcoming 36th …

National / News Update

Eco Survey lauds Delhi’s PPP model in C&D waste management

January 31, 2020 - by IANS

New Delhi: Lauding Delhi’s public-private partnership (PPP) model in construction and demolition (C&D) waste management, the Economic Survey presented in the Parliament on Friday said that the same can be replicated …

National / News Update

Delhi police chief Patnaik’s tenure extended

January 31, 2020 - by IANS

New Delhi: Delhi Police Commissioner Amulya Patnaik’s tenure has been extended by a month just one day before his retirement after the Election Commission allowed it. The 1985-batch officer of the …

National / Special

Economic Survey points out high drop-out rates in schools

January 31, 2020 - by IANS

New Delhi, Jan 31 (IANS) The Economic Survey, released on Friday, pointed out high drop out rates at various levels of schooling and lack of affordability in higher education as areas …

Indian food would be preferred culture to all nations: Korean Food Master

Lifestyle / News Update

‘Veg ‘thali’ affordability improved more than non-veg’

January 31, 2020January 31, 2020 - by IANS

New Delhi: In India, affordability of vegetarian ‘thalis’ improved more compared to non-vegetarian ‘thalis’ in last 13 years, stated the Economic Survey 2019-20, which was presented in Parliament on Friday. Affordability …

National / Special

Fix skewed agri credit in northeast: Economic Survey

January 31, 2020January 31, 2020 - by IANS

New Delhi: To boost agriculture in northeast states, the Economic Survey 2019-2020, which was tabled by the Union Finance Minister Nirmala Sitharaman in Parliament on Friday, pointed out the need for …

Business / News Update / Sports

AMFI signs Sachin, Dhoni for ‘Mutual Funds Sahi Hai’ campaign

January 30, 2020June 25, 2025 - by IANS

New Delhi: The Association of Mutual Funds in India (AMFI) have roped in former India cricketer Sachin Tendulkar and M.S. Dhoni for their ‘Mutual Funds Sahi Hai’ campaign, to help …

National / Special

Over 50 cr Indians now use smartphones, 77% on Internet

January 30, 2020January 30, 2020 - by IANS

Gurugram: Over 50 crore Indians are now using smartphones, a 15 per cent increase from 2018 primarily due to brands like Xiaomi and Realme which continue to bring new users to …

Entertainment / News Update

Will Smith almost ‘beat up’ Jada’s co-star over kissing scene

January 29, 2020 - by IANS

Los Angeles: Hollywood star Will Smith almost had a fist fight with his actress-wife Jada Pinkett Smith’s co-star Tommy Davidson. The “Bad Boys for Life” actor got angry when Davidson …