Sambit SahaFOUND WANTINGCalcutta: The real estate industry, reeling under the impact of the goods and services tax and demonetisation, received little attention in the Union budget, except marginal exemption in the computation of income tax during the transaction of a property. The budget proposed to allow 5 per cent, or Rs 50,000 variation, from the circle rate for registration of property without attracting the rigours of notional income tax. To minimise the hardships in real estate transaction, I propose to provide that no adjustment shall be made in a case where the circle rate value does not exceed 5 per cent of the consideration," finance minister Arun Jaitley said in his speech. However, the real estate sector's long standing demand of getting "industry" status has once again found no mention. Aspects such as single-window clearances, uniform stamp duty on real estate were not mentioned either," Ramesh Nair, country head and CEO of JLL India, said.

Source: The Telegraph February 01, 2018 22:41 UTC