Real Estate News Update for July 24
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Industry
NEW DELHI: Nirmala Sitharaman, minister of finance, presented the union budget 2024-2025 in Lok Sabha on July 23, 2024. Presenting her seventh straight budget, Sitharaman said, India’s inflation continues to be low, stable and moving towards the 4 per cent target. Core inflation (non-food, non-fuel) currently is 3.1 per cent.
Residential
NEW DELHI: TDS of one per cent will apply on sale of an immovable property valued at Rs 50 lakh and more, even if there are multiple buyers and sellers involved in the transaction. A clarification in this regard was provided by Finance Minister Nirmala Sitharaman in her Budget Speech amid cases of misinterpretation of tax provisions.
Residential
NEW DELHI: The government on Tuesday proposed reducing the long-term capital gains (LTCG) tax on immovable properties to 12.5 per cent from 20 per cent, but removed the indexation benefits to adjust for inflation, a move experts termed as "negative" for sellers. As per the Memorandum to the Union Budget, with rationalisation of rate to 12.5 per cent, indexation available under Section 48 of the Income Tax Act is proposed to be removed for calculation of any LTCG, which is presently available for property, gold and other unlisted assets.
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Allied Industries
NEW DELHI: Kajaria Ceramics has reported a dup of 15.39 per cent in its net consolidated profit during the quarter ended June 30, 2024. Its profit after tax stood at Rs 92.32 crore in Q1 FY25 as against Rs 109.11 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
Residential
GURUGRAM: The district town planner (enforcement) has served show-cause notices to 100 house owners in DLF 5 for illegal construction and commercial activities in 60sq yard homes designated under EWS (economically weaker section) category.
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