Realty push: Sops for REITs, InviTs

In a major boost to the realty sector, the finance minister announced the rationalisation of capital gains tax for sponsors of Real Estate Investment Trusts (REITs) and Infrastructure Investments Trusts (InviTs) that is expected to attract both domestic and overseas investments.

Stating that a large quantum of funds are locked-up in various completed projects, finance minister Arun Jaitley said they need to be released for new infrastructure projects to take-off.

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“As per earlier proposal both sponsors and investors were liable to pay tax. Now only the investors may be required to pay tax. We will have to look into the details,” said Om Ahuja, CEO, residential business at Brigade Enterprises.