The 2020 Union Budget provided several personal tax reliefs through amended tax slabs and extended the benefit of deduction for interest paid on home loans for affordable housing under Section 80EEA of the Income Tax Act. However, it failed to address the sector’s colossal liquidity concerns, which have continued since the Infrastructure Leasing and Financial Services (IL and FS) crisis affecting Non-Banking Finance Companies (NBFCs) and Housing Finance Companies (HFCs).
What was really needed for the real estate sector were fiscal measures for demand-creation. To relieve the real estate sector’s concerns, especially with the continuing COVID-19 crisis, there are many expectations from the 2021 Budget, which is to be announced by the Finance Ministry on February 1, 2021.
Please click here to read the full article by Farid Karachiwala published in 99acres.com.
Farid’s disputes practice extends to appearing in all Civil Courts, High Court, Consumer forums, Small Causes Court, Co-operative Court, Revenue Tribunals, and some of the Magistrate and Session Courts in Mumbai. As an Advocate on Record of the Supreme Court of India, Farid also regularly appears before the Supreme Court of India.