Union Budget 2016: Measures proposed for affordable housing
Minimum Alternate Tax will however apply to these undertakings.
Distribution made out of income of Special Purpose Vehicle (SPVs) to the Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InVITs) having specified shareholding will not be subjected to Dividend Distribution Tax.
For the ‘first home buyers’, he proposed to give deduction for additional interest of Rs. 50,000 per annum for loans up to Rs. 35 lakh sanctioned during the next financial year, provided the value of the house does not exceed Rs. 50 lakh.
He also proposed to exempt service tax on construction of affordable houses up to 60 sq. metres under any scheme of the Central or state government including public-private participation schemes.
He further proposed to extend excise duty exemption, presently available to concrete mix manufactured at site for use in construction work at such site to ready mix concrete.
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