August 17, 2026 09:01 am (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
After SC rebuke, BCI chief apologises to NALSAR students over enrolment freeze row | Independence Day: PM Modi’s big youth pitch— AI training, free coaching amid exam row and job concerns | ‘Shakti Ki Saptadhara’: Modi reveals 7 pillars to power India’s next leap in his I-Day speech from Red Fort | West Bengal STF arrests 3 more suspected Pakistani spies in Cooch Behar | Bengal man arrested in Bengaluru over terror links, Afghanistan travel plan | Ajit Doval breaks silence on Operation Sindoor in Discovery’s explosive new docuseries | Rahul Gandhi's 'mock hug' taunt sparks row; Centre stresses 'mutual respect' with Italy | Delhi on high alert: Bomb threat to High Court, airport and multiple locations ahead of I-Day | ‘Who are they to interfere?’: CJI Surya Kant slams Bar Council of India over NALSAR students’ enrolment row | 'Shows how low Congress has sunk': BJP slams Rahul Gandhi over Modi foreign policy jibe

Union Budget 2016: Measures proposed for affordable housing

| | Feb 29, 2016, at 10:19 pm
New Delhi, Feb 29 (IBNS) Union Finance Minister Arun Jaitley, while presenting the Union Budget 2016 on Monday, proposed 100% deduction for profits to an undertaking from a housing project for flats up to 30 sq. metres in four metro cities and 60 sq. metres in other cities, approved during June 2016 to March 2019, and is completed within three years of the approval.

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. 

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.