The Bombay Rents,
Hotel and Lodging House Rates (Control) Act,1947
Government
Rules:
The Bombay
Rent Act
Rules governing
the Indian market as regards to NRI investments
Investment by
OCBs Non Resident Indians are now permitted to enter into the business of real estate
development. A look at some of the relevant guidelines.
Liberalisation of
tax holiday to approved housing projects Under Section 80-IA of the Income-tax Act,
profits of approved housing projects where the development and construction commences on
or after1.10.1998 and is completed by 31.3.2001, are fully deductible.
Enhancement of
deduction of interest allowable on borrowed capital in respect of self-occupied
residential house The deduction of interest on account of borrowed capital invested in the
acquisition or construction of a house is prescribed in the proviso to sub-section (2) of
section 24 in regard to self-occupied residential houses.
Extension of
provisions of Section 43D to Housing Finance Companies With a view to improving the
viability of the housing finance companies and to
provide a boost to the housing sector the Bill proposes to extend the above provisions to
such companies registered with the National Housing Bank.
