The industry has been relief on Minimum Alternate Tax (MAT) at time of creation of REIT as there are no real sales of shares, hence no income is earned.
The Union Budget may rationalize taxes and remove anomalies to popularise Real Estate Investment Trusts (REITs), sources tell CNBC-TV18.
The industry has been relief on Minimum Alternate Tax (MAT) at time of creation of REIT as there are no real sales of shares, hence no income is earned.
It is also learnt that Budget may remove anomaly and treat REIT units at par with equities and may also qualify them as long term assets at 12 months.
REIT units currently qualify as long-term capital asset at 36 months and sale of long-term REIT unit is exempt for an investor
According to sources, the Budget is likely to bring parity between REIT sponsors, promoters / companies going for IPOs. The government may also exempt sponsor at time of listing of REIT, at par with IPOs.
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