Pratik Kataria, Director, Sainath Developers and Committee Member, Naredco Maharashtra
"Personal tax relief, either by readjusting the income tax slabs or cutting the tax rate will have a remarkable effect on the overall sentiment for the Financial Year 2023-2024 with more disposable income in their hands.
A Reduction in the current 20 per cent capital gains tax to 10 percent would be ideal from an investor’s perspective, moreover, the cap of Rs. 2 Crore on capital gains for reinvesting in two properties should be removed to further build momentum. Additionally, in order to boost the sentiments of the Homebuyers towards the Residential housing sector, the rent from a non-self-occupied second property, regardless of whether it is given on rent or not, should not be taxable.
Also, reduction in the house property holding period to 12 months from the existing 24-36 months should be qualified as long-term capital asset for an investor."
Published 31 January 2023, 22:17 IST