The Union Budget submission for the year 2023 has been done by Nirmala Sitharaman, and it presented various provisions for the betterment of infrastructure and the real estate sector in the country. Below is a summary of the most important details:
1. Increase For PM Awas Yojana Allocation
- In the recent budget for the PM Awas Yojana scheme there has been reported an increase of 66% bringing the total to over Rs. 79000 crore. This particular measure is aimed at increasing the scope of affordable housing projects.
2. Capital Gains Issues And Solutions
- The deduction for certain Assets: Some of the assets that you are claiming under Capital Gains and are mentioned in sections 54 and 54F will be restricted to 10 crores.
- The deduction of interest amounts: When a person acquires a property on loan or a borrowed one for the development, interest would be allowed as deduction and claimed as an expense while calculating Capital Gain.
3. Joint Development of Properties: A Guideline
- Set off of cheques and other payments while determining the amount of capital gain so as to achieve an equitable valuation in the case of joint development of properties.
4. Urban Infrastructure Development Fund (UIDF)
- A dedicated UIDF for the housing of the National Housing Bank which will be responsible for improving the urban infrastructure of tier 2 and 3 cities.
- Furthermore, this fund has been approved for use by the 15th Finance Commission which has general provisions for a yearly budget of INR 100 billion.
5. Tomorrow’s Sustainable Cities
- The availability of low-cost housing and green transportation infrastructure will become common as cities wil Upond new solutions to their land use and urban space Ts. .
6. Improving the Credit Worthiness of Municipal Bonds
- In the event that urban infrastructure is covered through user charges, bonds with municipal ratings will become credit eligible to investors.
7. Infrastructure Finance Secretariat
- He added that over the years these key sectors have been funded solely from public resources and thus their development has remained underfunded.
8. Tax Concessions for Housing and Urban Development Authorities
- Regardless of their business activities, income borne by certain urban or housing authorities created by the government shall now be exempt.
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