Budget 2019: If you have a house or you are thinking of buying a home loan, then you must look forward to the last budget of the Modi government (Budget 2019).
The government attempts to put an end to the property market struggling with recession. Earlier those who had 2 or more houses had to pay taxes to the government. The government considered your rent as part of your income and imposed taxes on the same.
Now you no longer need to pay taxes on your other houses. However, now you have to pay taxes two on the third house, based on your rent.
Earlier, the people who sold their house had to pay the capital gains tax. That is the tax on the benefits of selling the home. And the way to avoid this tax was to invest that benefit in another house.
Now you can invest in 2 houses by selling a home of up to 2 crores. However, this can be done only once in your lifetime.
A group of ministers will be formed with advice from the GST Council, which can take big decisions on the impact of GST on houses.
What to expect from this bill?
• No tax on another house lying vacant
• Permission to invest in 2 apartments to save capital gains tax
• Relief on the sale of houses up to 2 crores
• Builders will not pay a fee for vacant homes
• Promotion of GST impact on houses