With the Rs.1 lakh deduction on interest rates on home loans up to Rs.25 lakh, the first time home buyers alone may benefit from the Budget 2013-14 which was presented in the parliament on Feb 28.
Budget 2013-14 will help the first time home buyers
The much awaited Budget 2013-14 was presented in the parliament by the finance minister on Feb 28. This year the budget did not have many sops to the real estate sector as a whole.
However real estate sector will benefit from the budget as it includes deduction of interest in the home loans by the first-home buyers. Those who plan to buy home for the first time can gain tax exemption and deduction in the interest rates up to Rs.1 lakh.
This will have more effect on the middle income class and so the buyers of this class will have a reason to be happier. Continue reading
Budget 2013 -14 was awaited with lots of expectations and hopes. The budget, announced by the Finance minister today, was received with mixed feeling by the common population.
P Chidambaram announced the Budget 2013.
Finance Minister announced the Budget 2013 today. This is his eighth finance budget and the first one after returning to the Finance Ministry, as its head last year. The budget slightly slapped the top-earners by imposing overload on their shoulders. Many of the luxury items will become costlier while a few common goods will become cheaper.
Foreseeing the 2014 general election, the Finance Minister remained highly keen to offer some sops to the tax payers (income). On the other hand; by raising the duties on luxury and imported vehicles, mobile phones and cigarettes, the finance minister slapped the ‘ultra-rich’ millionaires of the country.
Tax Proposals in the Budget 2013 -14
The budget proposed to raise an additional Rs.18,000 Cr in the form of tax. However the budget has not made any changes in any of the tax-slabs. Mr. Chidambaram gave a tax benefit of Rs.2000 to all the individual tax payers with income up to Rs.5 lakh.
As there is no alteration and revision of slabs the income payers will have to pay as per the existing slabs. As per the existing rates an individual with income between Rs.2 to Rs.5L will have to pay 10%. In the same way, those with above Rs.5L will have to pay 20% and those above Rs.10L will have to pay 30%. Continue reading
Real estate sector is about to gain a small boost from the Finance Ministry. Finance Ministry plans to support the real estate sector by helping the real estate builders to secure bank loans.
Residential Sector Thrives Again
Real estate sector will be boosted as the Finance Ministry plans to offer bank loans to the builders who have stalled projects at hand. The decision is expected to be made within a couple of weeks.
Latest RBI data show that the bank credit to the residential sector has grown by mere 12.1 % on year on year basis. This, in fact, is lower than the 15.9 % aggregate growth rate of bank credit. Continue reading
CREDAI- Real estate developers’ apex confederation asked its members to ease property prices. The real estate developers’ apex body advised its members to lower property prices for selling them off.
CREDAI national head Mr. Lalit Kumar Jain said that the real estate developers consider selling of their unsold properties at a lower rate. P Chidambaram, the Finance Minister of India, placed the suggestion in front of real estate developers.
P Chidambaram suggested the Real estate developers to consider the amount of unsold properties. He pointed out that there exist a vast number of real estate properties which remain unsold. Continue reading