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Govt exempts properties in Delhi's unauthorised colonies from income tax

In a big tax relief for Delhi's unauthorized colonies that were regularised last year, the government has exempted owners from income tax levy even if they had purchased land or house at rates below the prevailing market price. Since these colonies were previously unauthorized, owners may have purchased houses or lands at below the circle rate fixed by the government for registration of properties. Without this exemption, such legal owners would have become liable to pay income tax on the difference between the fair market value and actual purchase price. The exemption would come into effect from April 1, 2020.

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