Union Budget 2023 Realty Sector: Union Finance Minister Nirmala Sitharaman will present the upcoming Union Budget 2023 in Parliament on 1 February 2023. Due to this, the real estate sector of the country has a lot of expectations. The government is expected to abolish some rules and taxes on this sector. Some recommendations have also been made to the government regarding this. If this happens, then this sector will contribute more rapidly to the economy of India. Know what the real estate sector expects from the budget…
Growth after Corona
Due to Corona Pandemic in the country, nothing special could happen in the real estate sector in the years 2020 and 2021. But after this the sector has grown very fast. Many companies working in real estate have made a good hold among the public in the market with their products, as well as have done excellent business.
what is expected in Union Budget 2023
The real estate sector is expected to abolish some rules and taxes in the budget from the government. In this, customers are expected to get interest rebate for home loans. The same builder hopes to use cheaper building materials for affordable homes and reduce taxes on himself. With the next Lok Sabha elections to be held in April-May of 2024, this budget will be the last full budget of the Modi government.
discount for investors
The National Real Estate Development Council (NAREDCO), the largest organization of the country’s real estate sector, has sent its recommendations to the government before the budget. In this, there has been a demand to change some rules of the Income Tax Act and to remove some sections. NAREDCO says that the government should encourage such companies and individuals who want to invest in this sector. On the other hand, a request has been made to remove section 23(5) of the Income Tax Act, which deals with rental income from property.