The Central Government is preparing to give another big blow to the real estate sector. Since the implementation of RERA and GST, the builders have been hit just like that.But the shock of the customers is going to be Benefit, Because this shock is going to completely stop the growing non-profit price of the property.
According to the new rule which can be implemented soon, builders will now have to compute their properties (fully furnished flat, villa), which is not sold. Apart from this, tax is also to be given on such property. Builders are not required to pay any kind of tax on the unsold property right now. They show them stock-in-trade. On selling, they show ‘Income or Business Income’ on selling property.
Income Tax Department gave suggestions to the Finance Ministry: The Income Tax Ministry has recently suggested to the Finance Ministry that it can impose such tax. The government can announce this in the budget or even earlier. If this rule applies, then the builders will have to sell their property at lower prices or face the court.
The number of such flats is more than 7.5 lakhs: The property market is still going down in many parts of the country including North India. At this time, the builders want to return the investments made in their projects, so buying a property in many smaller cities can be a great deal of profit. That’s because in the coming years, this city can beat many big cities by itself.
Preparation for linking property to Aadhaar: The central government is going to make Aadhaar numbers necessary for buying property to rein in Anonymous property. After linking the bank account, PAN card and passport from the base, it will have to be done after buying a house, shop or selling it.
Talking to TV channel ET Now, Union Urban Development Minister Hardeep Puri said that the government can now register the property electronically across the country. Puri said that the bank account is currently being linked to the Aadhaar. We can do this further with the property market. For this, the Government may amend section 32 and 32A of the Property Act 1908
Government in preparing bills in winter session: The central government has included the mandatory Aadhaar in the bill being brought for amendment in the pending Registration Act in the Rajya Sabha. This recommendation was made by the Standing Committee of Parliament, on which the Council of Ministers was formed for consideration.
Read Also: Learn about the 10 key things of RERA law