Modi govt's big Diwali bonanza for home buyers, cirecle rate exemption increased to 20 per cent
New Delhi | Jagran News Desk: In a major Diwali bonanza for home buyers, the Narendra Modi government has increased the circle rate exemption to 20 per cent. The announcement was made by Union Finance Minister Nirmala Sitharaman on Thursday under the "Aatmanirbhar Bharat Package 3.0'. The finance minister had announced an economic relief package worth Rs 2,65,080 crore. In the package, the government has intended to give relief to the laborers, farmers and middle class as well as industries.
"Home buyers and developers are given relief in income tax. This will boost residential real estate and the middle class will feel a little relieved. It has also been decided to increase the difference in circle rate and agreement value from 10 percent to 20 percent," Nirmala Sitharaman had said.
The finance minister said that the increase in the circle rate exemption will be effective from the date of announcement till June 30, 2020 for the sale of residential units up to Rs 2 crore. The government said that the move will reduce the hardships faced by both home-buyers and developers and help in clearing the unsold inventory.
Sitharaman had also announced a new job scheme -- Atmanirbhar Bharat Rozgar Yojana -- in line with the Atmanirbhar Bharat Mission started by Prime Minister Narendra Modi earlier this year. The scheme has been launched with an aim to facilitate employment growth in the country and it will help those who lost their job between March 1 and September 30 due to the coronavirus pandemic.
"Aatmanirbhar Bharat Rozgar Yojana being launched to incentivise the creation of new employment opportunities during COVID19 recovery. Every EPFO registered organisations - if they take in new employees or those who had lost jobs b/1 March 1 & Sept 30 - these employees will get benefits," the finance minister had said.
Posted By: Shashikant Sharma