Exemption from income tax for unauthorized colonies in Delhi

The government has given relief to the owners of unauthorized colonies from the last year because the buyers had bought those properties below the market price which were continued previous years. The owner or the buyer of such property possesses legal rights and ownership.

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As these colonies are unauthorized, the government has fixed certain rates on it for the registration and the buyers purchased such land and properties below the circle rates. So the owners have got exempted from the payment of income tax as they can be applied for the different market rates and the actual price for purchase.

The land and immovable property which is unauthorized and comes under the National Territory of Delhi will get the tax exemptions and liable under the new Power of Attorney, Agreement to Sale, possession Will, letters, and other documents. The Central government has given the authority of such transactions.

The parliament allowed more than 1700 unauthorized colonies for getting the ownership till last December and they will be exempted from the taxes by following all the documents.  The Centre has given many measures in the real estate industry to revive as soon as possible in post-COVID-19. The homebuyers in Kolkata who are willing to buy flats and apartments for achieving benefits can buy 3 BHK Apartments in South Kolkata .

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