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Union Budget 2012-13 and RE

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Union Budget 2012-13 and RE

Last updated: December 27 2012
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  • Union Budget 2012-13 and RE

    The union budget for 2012-13 will be announced soon. As expected, builders have asked for FDI in RE sector as per following link.

    Budget Expectations: Realty sector seeks relaxation in FDI, ECB norms - PTI -

    The income tax slabs are also expected to change as per the news coming out.
    This is also time of year for hikes, promotions, etc for the salaried class. Overall, what will be the impact of this union budget, what a buyer can expect to happen with new regulations being proposed in budget. Will Mango Man get any respite or not?
  • #2

    #2

    Re : Union Budget 2012-13 and RE

    I am hoping for no new real estate related taxes or increase in stamp duty or anything like that. With property prices already so high even a percentage increase in stamp duty costs matters. It used to be lower before but is at 5% right now.

    Govt - don't raise taxes , if you can't help reduce burden by providing tax exemptions.

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    • #3

      #3

      Re : Union Budget 2012-13 and RE

      Originally posted by mpkapadia View Post
      I am hoping for no new real estate related taxes or increase in stamp duty or anything like that. With property prices already so high even a percentage increase in stamp duty costs matters. It used to be lower before but is at 5% right now.

      Govt - don't raise taxes , if you can't help reduce burden by providing tax exemptions.
      I am also hoping for the same, it will be good of something positive about RE regulation is introduced in this budget.

      Comment

      • #4

        #4

        Re : Union Budget 2012-13 and RE

        News just in!

        - Exemption limit for direct taxes increased to Rs 2lakh from Rs 1.8 lakh in FY13.
        - Income above Rs 10 lakh to be taxed at 30%
        - Senior citizens to be exempt from advance tax payments
        - Health insurance deduction upto Rs 5000 for preventive health checkup
        - Tax exemption on individual share investments below Rs 10 lakh
        - RE not exempted from Service Tax

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        • #5

          #5

          Re : Union Budget 2012-13 and RE

          nothing in the budget for middle class home seekers.

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          • #6

            #6

            Re : Union Budget 2012-13 and RE

            Nothing for RE

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            • #7

              #7

              Re : Union Budget 2012-13 and RE

              The homeowners of apartments can enjoy tax exemption of Rs. 5000/. Spent on maintenance. This exemption level has been increased from Rs.3000/- to Rs. 5000/-.

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              • #8

                #8

                Re : Union Budget 2012-13 and RE

                Originally posted by Indireal View Post
                Nothing for RE
                I see two.
                • Service tax raised from 10 to 12 %. This will put marginal pressure in buyers pocket.
                • The affordable housing schemes to get loan on lower rate. This is for the benefit of builder.

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                • #9

                  #9

                  Re : Union Budget 2012-13 and RE

                  my question is - now Service tax is raised to 12 from 10%. and current service tax for property in dighi is 2.75 % . does it will increase ? please guide me i have booked flat in dighi and agrement not done yet .

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                  • #10

                    #10

                    Re : Union Budget 2012-13 and RE

                    "The government plans tax deduction at source on transfer of immovable property (other than agricultural land) above a specified threshold" FM said.

                    Which means Sale and Purchase of immovable property will be subjected to TDS requirement and buyer will have to withold tax (TDS) from the purchase price. Who is covered under this ( whether individuals are also covered or only businesses are covered) is yet not know, we will know it tomorrow .........

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