Kolkata, Feb 01 : "We are happy that the Tax Holiday for real estate developers has been extended to one year and we welcome that, " according to Sushil Mohta, Chairman, Merlin Group and President, CREDAI, West Bengal, on Saturday. " But we expected Tax Holiday on units in SEZ to be extended up to 2025.
However affordable housing continues to be the focus of the government and the extension of Rs 1.5 lakh tax benefit on interest paid on affordable housing loans bears testimony to that, " he said in a statement. " However there was no announcement on the rental stock of properties. In developing countries like India, it is important to encourage the Rental stock of properties. The rental income earned by individuals as well as institutions is taxable.
"We at CREDAI had recommended 100pc of the rental income up to Rs 20 lakh per annum should be exempt from the payment of income tax." (UNI)