New Delhi: Finance Minister Nirmala Sitharaman today extended benefits to the developers of affordable houses by giving them tax holiday of another year on profits earned by them on affordable housing projects approved by 31 March 2021 instead of the current 31 March 2020.
While presenting the Union Budget 2020, Sitharaman also enhanced the gap limit in consideration value and circle rates of land for the purpose of capital gains tax. This existing exemption on capital gains tax on sale and purchase of land where the difference between consideration value and circle rates of land is only up to 5 percent has been hiked to 10 percent from now on.