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Tax relief on notional rent to benefit only 9% unsold units

The budget proposal for increasing the exemption period, for income tax on notional rent from unsold inventory held by developers, to 2 years from the present 1 year will benefit only 9%, or roughly 63,000, unsold units across the top 7 cities, a report by real estate consultancy Anarock showed. The current unsold units across the top 7 cities is 6.73 lakh units, of which only 85,000 are ready-to-move in units, report showed. Of this ready stock, only 63,000 units can avail the benefit while the remaining 22,000 ready units, which have been completed before 2017, are liable to taxation.

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