Budget 2022: The Confederation of Real Estate Developers Associations of India, an organization of real estate companies, has demanded the government to increase the scope of tax exemption in the next budget to increase home sales.
Real estate business body CREDAI has sought a series of tax breaks, including raising the limit for interest deduction on home loans from the current Rs 2 lakhs to Rs 5 lakhs, to boost housing demand. CREDAI (Confederation of Real Estate Developers Associations of India) has also sought changes to the definition of affordable housing and the benchmark status for the sector in its budget recommendation sent to the Ministry of Finance.
Home buyers will get relief!
CREDAI National Chairman Harshvardhan Patodia expressed his hope that the upcoming budget through various amendments, relaxations and extensions will give a much-needed boost to the housing and infrastructure development sector. Patodia said: “We call on the Finance Ministry to further reduce homebuyer interest for section 24(b) tax exemption. This will strengthen home buying sentiment, especially at a time when the outbreak of the third wave of the pandemic has begun and times are very difficult.
The common man can get relief
It is expected that with the next budget, the Finance Minister will be able to make announcements to speed up economic reforms. According to media reports, Sitharaman may also take a decision to promote entrepreneurship in the country. In the last budget, the government did not make any changes to the tax regime, which means that no significant relief for taxpayers was announced.