Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: due date for vat payment :: VAT RATES :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: VAT Audit :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: ACCOUNTING STANDARDS :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
News Headlines »
 Directions under section 119 of the Income-tax Act, 1961
 Securities excluded from GST ambit in revised Bill
 GST dilemma: Hope fades for new tax regime
 5nance.com launches tax investment platform
 Is government tapping your phone?
 Income tax department to use analytics to look for discrepancies in bank accounts
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful

Builders may get tax sops for housing poor
January, 21st 2008
The government may revive tax benefits for real estate developers for constructing houses for the economically weaker sections (EWS). The scheme was discontinued last year.

Section 80 1(B) of the Income-Tax Act allows a developer constructing houses with an area up to 1,000 sq ft in Delhi and Mumbai and 1,500 sq ft in other cities to avail tax exemption on profits. The urban housing ministry has asked the finance ministry to consider the proposal.

According to a housing ministry estimate, the urban housing backlog in India is huge, especially for EWS and low income groups (LIG), which constitute more than 99% of the total urban housing shortage of 24.71 million. Almost 21% of the total urban population lives in slum-like conditions and 35% in one-room tenements.

In order to give this segment better housing at affordable rates, there is a need to incentivise the industry, an official said. It was public housing agencies, which were in the forefront of providing housing for EWS. But given the magnitude of the shortage and budgetary constraints, it is clear that public sector efforts will not suffice in fulfiling the demand.

Therefore, the private sector has to play a more proactive role in taking up housing programmes on a massive scale for the poor and low-income groups, the official said.

The government also intends to involve the private sector in the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) for completion of 1.5 million dwelling units in the country by the end of 2012.

According to a National Housing Bank (NHB) data, the government has not been able to meet its target on housing low income groups. In 1999-2000, against a target of 44,000 LIG houses, the government could construct only 27,000, while in the EWS category, it could build only 28,541 houses as against the target of 96,571.

The housing ministry is of the view that premium housing has already taken off in a big way and the private sectors contribution to the segment has been well established. With market forces determining the return on investment here, it is expected that the private sector will continue to build the category.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Careers

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions