{"id":6904,"date":"2021-02-04T14:21:15","date_gmt":"2021-02-04T14:21:15","guid":{"rendered":"https:\/\/www.ashianahousing.com\/real-estate-blog\/?p=6904"},"modified":"2021-02-04T14:21:15","modified_gmt":"2021-02-04T14:21:15","slug":"real-estate-union-budget-2021","status":"publish","type":"post","link":"https:\/\/www.ashianahousing.com\/real-estate-blog\/real-estate-union-budget-2021\/","title":{"rendered":"Real Estate &#038; Union Budget 2021"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">After a\nroller coaster year of the pandemic, lockdown, WFH, online classes and social\ndistancing, the new year 2021 began with the hope of an effective vaccine which\nwould make it possible for us to return to our somewhat old routine. India\ncelebrated its 72nd Republic Day in a subdued manner; however the first Budget\nof the year was presented by Nirmala Sitharaman, Union Minister of India on 1st\nFebruary with quite fanfare on an iPad instead of the Bahi Khata in the\nhistoric budget briefcase, cementing the digital age for India. The focus of\nthe Budget this time is on the privatisation of State run firms, banks &amp; an\ninsurance company and asset creation to propel the nation out of the Covid\nslump which has greatly hampered growth in all aspects.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Let\u2019s look at some of the highlights of the Budget 2021\nwith respect to real estate:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>There were no major changes in the tax\nrates but for home buyers it is the perfect time to buy a house as home loan\nrates and property prices both are down and states such as Maharashtra and\nKarnataka have also slashed stamp duties. Home buyers also get attractive tax\nbreaks which would make the loans and interest rates easier on the pockets.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>The principal or loan amount is allowed\nas a deduction from your gross total income subject to overall cap under\nSec80-C with other eligible investments of Rs. 1.5 lacs.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>To reduce tax liability, interest payable\non self occupied property is subject to maximum deduction of Rs. 2 lacs under\nincome from house property and can be set off against other incomes like salary\nin the same year. But the construction or acquisition should have been\ncompleted within 5 yrs from the end of financial year in which loan was taken\nor else the deduction will be limited to Rs. 30000.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Deduction of Rs. 1.5 lacs for interest on\nloans for affordable houses valued upto Rs. 45 lacs from taxable income under\nsection 80EEA has been extended for loans sanctioned from April 1, 2019 till\nMarch 31, 2022. Only those who do not own any other residential property on the\ndate of sanction of loan can avail this benefit which is over and above the Rs.\n2 lacs deduction on interest on home loan under Section 24 of the IT Act. So if\na home buyer avails a loan of Rs 40 lacs for a Rs 45 lacs home, this scheme\nwould actually cover the entire interest on that loan.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>The above mentioned benefit will also\nbring down the effective interest rates to around 5.5% from the existing 7%\nwhich is beneficial for current and future home buyers.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>If an individual has rented out his\/her\nproperty, the difference between net rent (after adjustment of municipal taxes)\nand the entire interest on housing loan is the loss from house property which\ncan be set off upto Rs. 2 lacs against other incomes like salary and can be\ncarried forward (if not set off) for 8 assessment years.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Individuals or HUFs will get an exemption\non long term capital gains arising from transfer of a residential property sold\non or before March 31, 2022 if the consideration is invested in equity shares\nof eligible startups.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>An extension of one year has been\nproposed on the 100% tax holiday for real estate developers of affordable\nnotified rental housing projects which have been approved on or before March\n31, 2022. This will help the Govt. in achieving \u201cHousing for all\u201d by 2022.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Customs duty on steel and marble &amp;\ntravertine blocks has been reduced to 7.5% and 40% respectively due to the\nexemption in social welfare cess for the latter. This is a welcome move for\nreal estate developers and homeowners who would like to construct or renovate\ntheir abodes.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Rs. 1.18 lac crores have been allocated\nto the road transport and highway ministry for 2021-22 to build a record 11000\nkm NHs. The roadmap includes 8 major projects including Delhi-Mumbai,\nBengaluru-Chennai, Delhi-Dehradun, Kanpur-Lucknow and Delhi-Katra 4 and 6 lane\nexpressways which will have advanced traffic management systems with speed\nradars, variable sign boards and recovery vans with GPS. This is the advent of\nsmart cities which are highly advanced and aesthetically pleasing.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>The Delhi-Meerut RRTS also got a major\nboost as Rs. 4472 crore were allocated to NCRTC which is executing the project.\nConstruction of the 82 km corridor is in full swing and work has already\nstarted between Sahidabad and Duhai and some parts of Delhi. This will create\nbetter connectivity among these cities and travelling for work or leisure would\nbe a breeze.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>After a roller coaster year of the pandemic, lockdown, WFH, online classes and social distancing, the new year 2021 began with the hope of an effective vaccine which would make it possible for us to return to our somewhat old routine. India celebrated its 72nd Republic Day in a subdued manner; however the first Budget of the year was presented by Nirmala Sitharaman, Union Minister of India on 1st February with quite fanfare on an iPad instead of the Bahi Khata in the historic budget briefcase, cementing the digital age for India. The focus of the Budget this time is&#8230;<\/p>\n","protected":false},"author":1,"featured_media":17582,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-6904","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Real Estate &amp; Union Budget 2021 - Real Estate Blogs<\/title>\n<meta name=\"description\" content=\"Union Budget 2021 and its impact on the real estate sector. Stay informed about the latest policies, incentives, and opportunities for real estate investments.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/187.77.187.252:8081\/real-estate-union-budget-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Real Estate &amp; Union Budget 2021 - Real Estate Blogs\" \/>\n<meta property=\"og:description\" content=\"Union Budget 2021 and its impact on the real estate sector. 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