Real estate sector had high expectation from the Budget 2021, especially post the Covid-19 pandemic.
Two great incentives contributed to the real estate industry are taxation advantages such as affordable housing and personal investment formats such as REITs and InvITs (Real Estate Investment Trusts and Infrastructure Investment Trusts). Ministry of Housing and Urban Affairs has been granted Rs 54,581 crore in the Budget 2021.
In order to incentivise home buyers and real estate developers, it is proposed to increase safe harbour limit from 10% to 20% for the specified primary sale of residential units. In the July 2019 Budget, the government provided an additional deduction of interest, amounting to Rs 1.5 lakh, for loan taken to purchase an affordable house.
FM proposed to extend the eligibility of this deduction by one more year, to March 31, 2022. The additional deduction of Rs 1.5 lakh shall therefore be available for loans taken up till March 31, 2022, for the purchase of an affordable house.
Further, to keep up the supply of affordable houses, FM proposed that affordable housing projects can avail a tax holiday for one more year – till March 31, 2022.
To promote supply of Affordable Rental Housing for migrant workers, Sitharaman proposed to allow tax exemption for notified Affordable Rental Housing Projects.
In the previous Budget, the government had abolished the Dividend Distribution Tax (DDT) in order to incentivise investment. Dividend was made taxable in the hands of shareholders. Now, in order to provide ease of compliance, FM proposed to make dividend payment to REIT/ InvIT exempt from TDS.
Further, as the amount of dividend income cannot be estimated correctly by the shareholders for paying advance tax, FM proposed to provide that advance tax liability on dividend income shall arise only after the declaration/payment of dividend. Also, for Foreign Portfolio Investors, FM proposed to enable deduction of tax on dividend income at lower treaty rate.
Industrial real estate will be one of India’s most powerful economic engines moving ahead. Any advantage the authorities extend to the business will be noticed throughout the market. While the budget might have been a mixed bag for the industry, one expects that the police will announce additional stimulation steps in the not too far future.
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