What does the RE (real estate) industry want from the finance ministry? I mean..will they ever, ever stop asking for favors?
- the government should scrap section 24 – interest on money borrowed to buy a house should not be allowed as a deduction. Period.
- 80C should be made more crowded – allow repayment of loans – under sec 80c
- Builders should be fined for delaying property hand overs
- allow house rent deduction for salaried persons / unsalaried persons doing own business upto Rs. 25,000 per month
- create infra in the outskirts of every city and start developing them fast
- bring in a regulator quickly
- put a ceiling for the cost of the flat to allow the interest as an expense – RIGHT NOW IT IS UNLIMITED…NO upper limit for the second house
- implement the wealth tax act strictly and levy wealth tax on the second house whether rented or not
- bring Reverse mortgage quickly by giving incentives
- compel buildings over 50 years of age under wealth tax and revoke income tax deductions..
enjoy…very different from what the industry has asked for…
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