Well, the interim budget has been witnessed as an effective measure to help people in properties. In fact, it has been developed by keeping rural segment, infrastructure and the tax payers in mind. In this regard, a study was conducted by asking the views of general property buyers. Divyata Kalhans, accounts director in Mumbai, was unsatisfied with the budget because it did not have any options for a cut on home loan exemption limits. It is because she bought a property in Noida through home loan. According to the budget, rural economy, education, infrastructure and employment, will be emphasized more in 2019. Even, the government has taken numerous steps for boosting reasonable housing.
The Government’s verdict to completely relieve tax for Individuals, up to Rs five lakhs (effectually Rs 6.5 lakhs with speculation deductions) is an excellent step for first-time home buyers. Further to this, Atish Shitole stated that affordable housing projects registered till 2020 have been exempted under 80 IB-A. Of course, this one year exemption will prove to be beneficial for the people. But, he was expecting a cut on GST, which didn’t happened in the interim budget. According to Atish, an hotelier in Pune, the budget has come out to be a boon for investors looking to have affordable investment options.
Coming up with his views, Rajiv Sharma from Pune said that constant developments of roads and other infrastructures has added to the increase in property investment. People willing to buy homes will have better opportunities in terms of commuting because it might give better connectivity to their respective offices. As per the interim budget, there will be no TDS deduction on house rents till 2.4 lakh. The bracket has been increased from 1.8 to 2.4 Lakhs. This will enable people to buy another home for rental purpose and have a side income without much difficulty.
It is quite definite that interim budget of 2019 has brought a lot of good things for people willing to buy home and invest in affordable properties. The tax deductions will make it easier for them to earn rental incomes without any problem. But, the problem that no changes have been made in cutting down GST has left people feel troubled. Still, on the overall basis, the tax deductions in the matter of real estate have made people invest without doubt.