Home Loans:To increase the demand for houses, CREDAI demanded a tax exemption in the budget, suggesting a separate exemption on the payment of home loans.

To increase the demand for houses, CREDAI demanded a tax exemption in the budget, suggesting a separate exemption on the payment of home loans.

Significantly, on February 1, Finance Minister Nirmala Sitharaman is going to present the budget for the financial year 2023-22. The Confederation of Real Estate Developers Association of India (CREDAI) has around 20 thousand members across the country. The organization recommended that the Real Estate Investment Trust (REIT)

CREDAI, an association of realty companies, has asked the government to increase the scope of tax exemption in the upcoming budget, so that house sales can be accelerated. The organization suggested a separate exemption on the payment of the principal amount of the home loan. Along with this, the organization also suggests that the limit of tax exemption available under Section 80C of the Income Tax Act should also be increased on the payment of home loans.

Significantly, on February 1, Finance Minister Nirmala Sitharaman is going to present the budget for the financial year 2023-22. The Confederation of Real Estate Developers Association of India (CREDAI) has around 20 thousand members across the country. The organization recommends that tax incentives be provided to encourage investment in real estate investment trusts (REITs).

Creditai said, “The real estate sector is already in trouble, it has faced problems for more than two years. The corona virus epidemic has exacerbated real estate problems. It previously struggled for survival, Now the sector is slowly recovering. The organization also suggests. Access to funds and long periods of repayment can help developers ensure liquidity.

The organization says that cheap housing loans and investment in the housing sector should be tax-free to boost demand. He said “cheap taxation, joint taxation and steps to improve the growth of foreign investment are the demands of the times”.

On the other hand, leather export entrepreneurs need incentives, they have also expected from the budget. The industry was earlier encouraged under the Merchandise Exports in India Scheme (MEIS) for the export of leather products. First it was put at five percent, then it was reduced to three percent.