HNI REAL ESTATE INVESTMENT TO GET A BOOST...!
With the proposed abolition of Wealth Tax Act in Budget 2015-16,
retail investors, in particular High net worth individuals (HNIs), may hike their investment in real estate
as the existing restrictions will be removed.
Moreover, it will lessen the
compliance burden of the income tax payers & also administrative burden of the income tax (IT) department, according to industry experts.
Under the existing provisions of
Wealth Tax Act, wealth-tax is levied at 1% on an individual or HUF or / company, if the net wealth of such a person exceeds Rs. 30 lac on the
valuation date. (March 31)
However, the information required to be furnished in the
wealth-tax return shall be captured by suitably modifying IT return form.
