India’s first Bicicularta Estate Tax relief coupon has gone live for all real estate trainers and agents.
The new coupon, which is valid till February 19, provides for tax relief of up to Rs 3,500 on purchases made by anyone over 20 years of age.
The coupon also includes an exemption of Rs 25,000 on purchases of luxury vehicles.
In case of a property purchase by a person over 25 years of in age, the coupon can be used for up to three months for a tax free purchase.
In the case of property purchased by a property trainer, the same coupon can only be used up to four months.
The coupon can also be used at a rate of up of Rs 2,000 per month, per person.
The tax relief will be available for two years from the date of filing.
Real estate agents and trainers will be able to avail the coupon by paying a $30 deposit, which will be deposited in a bank account.
In case of purchase, the deposit will be refunded in one month, if it has not been used.
The maximum tax refund will be Rs 10,000.
Tax exemption will be valid from February 19 for purchases made in-person or through any registered agent or trainer.
The discount will be applicable for purchases in-house.
The voucher can only also be applied at a tax-free rate of Rs 1,000 for the first year, Rs 1-1,500 for subsequent years, and Rs 1.5 lakh for all subsequent years.
The Tax Department has not yet released the date when this offer will be extended to consumers.
The Government has recently issued new rules on the use of tax reliefs for property purchases.