'Sab kuch chalta he' attitude needs a wipe off..

New Delhi, February 14: “In the past four years, there has been a change in the mindset of the people. We know how are industry worked before and it is not specific to the real estate sector, the overall thinking in the nation was - Sab kuch chalta he. We need a nation where we all have an equal opportunity to the development of the nation", said acting Finance minister Piyush Goyal while addressing at the Youth Conclave in national capital on Thursday.

 

"Over a period of time, the nation suffered, consumers were unhappy, as a whole the sector got a bad name, that had to change. If we really had to have a robust sector where the consumers can trust the government. This is the change we are heading the way", he added. 

"PM Modi has a vision to set the foundation for a new India and where everybody has a shelter, electricity, good quality of life, ease of living and towards the end, its not going to be one way traffic, it has to be a two way traffic. We have to deliver on what is our duty so that the masses can do the work better and really help us fulfil us this dream", Goyal said further. 

These four years may have had some pain points. But I have found a sea change in the way this country thinks, in the way the youth of India behave, the way the youth looks at the future of this country. "The country is changing overall and I believe that in the way the country's thinking has changed, the honest man will get the benefit of sincerity and will be sorted out of the wrongdoing system.”

Speaking at an event organised by the Confederation of Real Estate Developers Association of India (CREDAI), Prime Minister Narendra Modi had said that demonetisation and a series of steps announced in this year’s Budget are at aimed at boosting the sector. “The construction and real estate sector is at the centre of job creation, as it creates employment in a number of sectors like steel, cement, and other related jobs. Even as the sector is so vital, why is it that the builders and the industry did not get the due respect that they deserve, he asked, while exhorting them to adopt honest and transparent ways of business dealings”, he said.

Following the Interim Budget, PM Modi emphasised that the government also proposed to extend taxing period of unsold inventories, from one year to two years, from the end of the year in which the project is completed. It proposed to extend the period of exemption from levy of tax on notional rent on a second self-occupied house.

Currently, income tax on notional rent is payable if one has more than one self-occupied house. The Budget also proposed no tax- deducted at source (TDS) on house rents up to Rs 2.4 lakh from the previous limit of Rs 1.8 lakh, he signed off.