2016-17 Budget providing a Significant Push to the Housing Sector ( 28 March 2016 )
Government is extending incentives that are targeted at affordable housing. Under Pradhan Mantri Awas Yojana, it announced 100% tax exemption for private players who are constructing affordable houses of 30 sqm in 4 metros and 60 sqm in other cities approved during June 2016- March 2019 and the project should be completed in 3 years of construction approval.5.6% service tax is exempted on the service for construction of the projects under the urban ‘Housing for all’ mission.
Middle Class to face more agony with the Union Budget ( 14 March 2016 )
Indirect Taxes will put a major burden on the middle class section of people in the country, in general when it comes to consumers. The Union Budget has focused more of the lower strata of society and farmers, adding further burden to the common general class. Experts are saying that the tax burden added to general consumers will cost around Rs. 20,600 crore in the form of indirect taxes. Payments of telephone bills, purchasing air tickets, insurance premium and even buying property will cost more from the coming financial year.