Finance Minister Nirmala Sitharaman on Thursday announced income tax relief for developers and home-buyers to boost real estate demand, along with a “Atmanirbhar Bharat Rozgar Yojana” to incentivise creation of new employment.
The Finance Minister said the country’s economy is seeing a strong recovery taking root, which is due not only to pent-up demand.
The Atmanirbhar Bharat Rozgar Yojana will create more jobs, and the income tax relief for first-time home-buyers will boost demand in the residential real estate sector, Ms Sitharaman said in a media briefing.
The employment scheme effective from October 1 will be applicable to eligible new employees joining the EPFO-registered establishments.
It is for those who exited these concerns during the COVID pandemic (March 1-September 30, 2020) and drawing monthly wages of less than Rs 15,000.
Central government will subsidise the Employees’ Provident Fund (EPF) contributions for two years.
For establishments with over 1,000 employees, the Centre will only subsidise 12 percent of the employees` EPF contributions.
Establishments eligible for the scheme include those that added a specified number of employees compared with the base month of September 2020.
