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In the historic Budget-2021, the Honourable Finance Minister has addressed number of issues which loom large from a very detailed narrative Memorandum of 79 pages. Here is an attempt to deal with some of the provisions assigned to me.
In the historic Budget-2021, the Honourable Finance Minister has addressed number of issues which loom large from a very detailed narrative Memorandum of 79 pages. Here is an attempt to deal with some of the provisions assigned to me.
Section-43CA – Clause-10 of the Finance Bill, 2021 (relating to safe harbour)
As per proposed amendment to section 43CA, safe-harbour limit of 10% of consideration is proposed to be raised to 20% of the transfer consideration. In the Press-release (part of Aatma Nirbhar Bharat Package 3.0 dated 13th Nov 2020), CBDT has declared intent to make legislative amendment to this effect. The said promise has been given effect to now. The increased limit of 20% is extended for providing boost to pursuit of liquidating unsold inventory of the developers. Clear intent is to give a impetus to quick sale / transfer of flats from the unsold inventory. This is indeed a welcome measure considering the slow-down in the realty sector at present. It is relevant to note, no parallel amendment in made in section 50-C of the ITA, 1961. Further, four cumulative conditions are injected i.e.
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Posted on: March 1st, 2021
Source : AIFTP Journal – Feb., 2021 issue Page No. 8