The Indian IT sector has been welcoming of the 2019 Union Budget as per reports. The budget has been hailed as truly visionary by the IT sector and some of the key announcements that were praised by tech leaders have been compiled below:
The Co-Founder & CEO at SquareYards, Tanuj Shori, stated that the Union Budget 2019 has been supportive of the Indian Real Estate Sector and taken care of some of the core issues. The exemptions provided by it for capital gains for two properties purchased up to Rs. 2 crore under Section 54 could be a huge transformational move for the sector as per Shori. He also highlighted zero taxation on notional rent assumption for second homes which are self-occupied as another pro-active measure. Tax exemptions up to Rs. 5 lakh in personal income should also help escalate budgets of those buying homes for the first time as per Shori. Benefit extensions under Section 80 (i) BA in case of housing projects till the 31st of March next year is another positive move along with extending the taxation period on notional rent to 2 years in case of unsold inventory according to Shori. Shori stated that there were expectations of the Central Government offering some incentives for buyers including lower home loan interest rate, particularly for women and first-timers although this area still needs to be addressed.
Square Yards is a technology-enabled, global real estate aggregator and India’s largest player for primary residential real estate. It’s subsidiary Square Capital is one of the largest marketplace for secured mortgages in India. Square Yards platform offers an integrated consumer experience & covers the full real-estate journey from search, discovery to research, transactions, home loans and post-sales service – fully integrating buyers to an extensive network of 500+ partner real estate developers, and 90+ banks & NBFCs. Square Yards is led by accomplished professionals, ex-bankers, and Ivy school alumni and is backed by the competence of more than 2500 employees in 30 cities and ten countries.