REALTYHAAT | Property in Mohali | Chandigarh | Everything about Property

All eyes were on the Finance Minister as he delivered his fifth full  Union Budget  – the last one before the general elections in 2019. As expected, the budget turned out to be populist and sounded excessively cautious while the need of the hour was to provide a positive boost to the economy, which is reeling under the pressure of structural changes and policy reforms. The Budget did not offer any substantial incentives to individual taxpayers, with slabs remaining constant. A change in the standard tax deduction in lieu of transport and medical expenses, which now stands at Rs 40,000, was the only gift to the salaried class. There was no change in tax savings on home loans, nor were the 80C limits raised. While this put paid to any hopes for significantly increased home buying appetite, there were some notable announcements with positive implications for the real estate sector: Increase in taxpayers: With the massive crackdown on black money, the taxpayer ba...

Arun Jaitley said, “My Government will also establish a dedicated Affordable Housing Fund (AHF) in National Housing Bank, funded from priority sector lending shortfall and fully serviced bonds authorized by the Government of India.” New Delhi:  Finance Minister Arun Jaitley’s Union Budget 2018 may be a political one with major focus on agriculture and farmers, but his announcements for the affordable housing sector has pleased the real estate sector. Jaitley said, “My Government will also establish a dedicated Affordable Housing Fund (AHF) in National Housing Bank, funded from priority sector lending shortfall and fully serviced bonds authorized by the Government of India.” He further said that far from the Benami properties earned by corruption, the poor only desire to have a roof, a small house by his earning of honesty. “Our Govt. is helping them so that they may fulfil the dream of their own house. We have fixed a target that every poor of this country may have h...

The circle rate is the minimum value at which sale or transfer of plots,  built-up houses, apartments or commercial property can take place.  Budget 2018 has proposed a tax relief for buyers and sellers of property by allowing it to be valued at up to 5% below circle rates for calculation of stamp duty and capital gains tax.  The finance minister presenting the Budget 2018 announced that no adjustment shall be made in respect of transactions in immovable property, where the Circle Rate value does not exceed 5 percent of the consideration.  Ashish Jindal, Co-Head, Real Estate, Sanctum Wealth Management says, "In major cities, the circle rates were increased and had become more than the market rates. This resulted in a gap between the two rates, which was counted as income in hands of both buyer and seller. Hon'ble Finance Minister has given a big relief by allowing upto a 5% gap between the two and this has the potential to remove the irritant and re...