Income tax union budget expectations: Slight relief in tax for these segments will benefit entire sector

Live Budget Expectations: ‘Government must provide some key mitigation measures in taxes and exemptions’.

hBits founder Shiv Parekh thinks the Modi government should cut some GST. “India’s real estate sector is one of the highest contributing sectors and the second largest job generator after agriculture,” he said. Job creation is the government’s main goal post-COVID-19. The sector has achieved remarkable recovery despite COVID and has made significant contributions to the economy,” said Parekh.

“Governments should provide major mitigation measures in taxes and exemptions, and some reductions in GST on commodities such as cement, steel and tiles. The deduction limit on interest payments on home loans should be increased from 2 million rupees to 5 million rupees a year, and the principal deduction limit on home mortgage loans should be increased from 1.5 million rupees to 50,000 rupees.”

“Segments that need time. Commercial real estate also needs greater momentum as it has great potential for growth, especially in tier 2 and 3 markets. Lowering the tax rate from 30 per cent to 25 per cent would definitely benefit the entire sector,” he added.

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