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Pradhan Mantri Awas Yojana provides benefit on property purchase

Higher benefit on low budget flats.

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With Budget 2017 barely a few weeks away, stakeholders in the real estate sector have proposed a wish list asking for more clarity on beneficiaries who will avail housing loans with interest subsidies under Pradhan Mantri Awas Yojana (PMAY). They also want an increase in the tax deduction limit for housing loans, especially for metropolitan cities. The current limit of Rs 2 lakh is insignificant given the ticket sizes in cities, they say.

More clarity has also been sought in the GST (goods and services tax) structure announced last year. The real estate industry is waiting with bated breath to see which tax rate is applied to the real estate and construction industry. Also, the benefits of demonetization exercise should be passed on to the common man through easing of tax slabs and offering a higher degree of rebate.

Pradhan Mantri Awas Yojana

The government recently announced that interest rates of 3% would be applicable on loans of up to Rs 12 lakh and 4% on loans of up to Rs 9 lakh, under Pradhan Mantri Awas Yojana . Now that two new income categories can avail higher loans with interest subsidies, more clarity is required on the actual definition of beneficiaries who can avail of these benefits. Affordable housing is largely available in the fringe areas of metros cities. Would certain redevelopment projects within the metropolitan city limits – and meeting the affordable housing.

Bigger Income Tax incentive for first time home buyers.

First-time home buyers were given an additional Rs 50,000 tax exemption in the last Budget for purchasing property of up to Rs 50 lacs with a loan of up to Rs 35 lacs. This announcement mostly benefited end-users in tier-II, III cities but not as many in the bigger metros where housing is largely above this specific limit. Can the upcoming Budget bring in similar tax exemptions for first-timers in the metros too? A higher limit specific only to the bigger metros can be introduced. Also, can middle class youth buying their first house in an affordable project get additional income tax incentives.

( Courtesy HT )

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International airport in SAS Nagar to be named after Shaheed Bhagat Singh

mohali airport   To be inaugurated by Prime Minister Narender Modi on September 11, the international airport in SAS Nagar will be named as Shaheed Bhagat Singh International Airport. This was stated by Anandpur Sahib MP Prem Singh Chandumajra while addressing mediapersons after a visit to the airport on Friday.
Chandumajra said, "We will do all it takes to name the airport as Shaheed Bhagat Singh International Airport. The proposal is pending with the Centre and I will ensure it is cleared." "The airport will be an asset and with its inauguration we have fulfilled the promise made to residents during elections. The UPA government had been stalling the project and had even failed to get relevant clearances from the defence ministry for the airport," he added. The Punjab government had proposed that the international airport at SAS Nagar be named after Shaheed Bhagat Singh as a tribute to the martyr and a resolution in this regard was also unanimously passed by the Punjab legislative assembly in 2012.  

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