While the whole country, anticipated for the Finance minister Piyush Goyal to reveal the Budget 2019. To everyone’s bewilderment, it brought a huge relief for property taxpayers, as the government granted major tax benefits for property owners.
The fiscal year 2019 has shown a positive impact on the residential sector. A lot of significant changes have been proposed for 2019-20 income taxpayers.
No Residential Tax up to 5 Lakhs Annual Income
According to budget 2019 highlights, one of the major moves that unveiled in budget 2019 was an exemption of tax for individuals with a 5 lakh annual income. According to the previous budget 2018, there was no tax for people who earn a 2.5 lakhs as annual income. But, this fiscal year it was altered from 2.5 to 5lakhs as a comfort to middle-class earners.
Tax Exemption on Second Home
Indian union budget 2019, disclosed to extend a helping hand to property owners. The finance minister had proposed that landowners can enjoy the benefits of self-occupied properties up to two residencies. No notional rent will be payable on the second house.
Earlier, When someone owns more than one self-occupied house. They were needed to pay income tax on notional rental income, irrespective of the second house being vacant.
But, according to the latest budget, if an individual owns multiple houses, which are not given on rent. Then, the individual regardless of owning different residents he/she is not needed to pay tax for all. Two houses in the total owned properties will be considered as self-occupied. While the other house will be assumed to be left out and will be taxed accordingly.
Benefits under section 80-IBA
Budget 2019 for real estate is an initiative, to make the housing dream come true to all citizens. In this plan, the government of India announced an extension of benefits for all housing projects for up to one year. It will be profitable for existing and potential homebuyers and is an initiative from the government to boost everyone to own property.
In brief, the Indian union budget 2019 has an interesting turn of events to real estate investors. Apparently, home buyers were the clear winners. No doubt with this step, housing prices may expect a commendable change.
With the proposed budget, a middle-class person can easily afford a house without worrying much about tax deductions.
By expertise knowledge on properties in and around Hyderabad, the property adviser team has assisted many customers to achieve their housing vision.
Get in touch with us at www.propertyadviser.in to resolve all your residential queries.
By: Govi Kaza
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