November 18, 2020

Centre eases circle rate differential for home sales till June 2021

NEW DELHI: To boost the housing sales, Finance Minister Nirmala Sitharaman on Thursday announced an increase in the permitted differential between the circle rale and the agreement value of housing units. It is increased to 20 per cent from the current mandated limit of 10 per cent till June 30.

This boost in differential will be applicable in residential units of value up to Rs two crore. This decision will help reduce the tax liability as tax will be applicable on lower value of residential units.

Section 43CA of IT Act prohibits the differential between circle rate and the agreement value at 10 per cent. Apart from this prices can be lower than that, and the restriction curbs sale of housing units.

Sitharaman further stated that the decision will boost sales at a time when demand is low and inventories have piled up.

She also said that income tax relief provides incentive to the middle class to buy homes.

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