Union Finance Minister Nirmala Sitharaman will present the Interim Budget 2024-25 on February 1. The full Budget for FY25 will be presented after the formation of the new government following the general elections.
MAIA Estates Founder and CEO Mayank Ruia is seeking policy initiatives that will benefit homebuyers and real estate developers alike. For a robust and sustainable real estate industry, Ruia underscored the simplification of capital gains tax provisions. The complexities involved in asset classification, residential status determination, and computation of acquisition costs should be addressed. A streamlined approach would alleviate the compliance burden on taxpayers, enhance compliance levels and contribute to improved revenue collection, he observed.
The CEO of MAIA Estates also highlighted the need for reinstating input tax credit for real estate, especially in residential projects with higher GST. This tax measure will control property prices and ensure affordability, he suggested.
“A reduction in GST rates on construction materials to single digits is a crucial expectation,” Ruia stated.
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