Today's Sector News - 03.02.2020: 09.00 Am
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* REAL ESTATE: The real estate sector, which was expecting specific measures to alleviate the acute
funding crunch that the residential sector is facing and boost demand, is feeling left out as the Budget for 2020-21 announced on Saturday failed to address any of its concerns.
* TAXATION: Finance Minister Nirmala Sitharaman has said her ministry will soon come out with
clarifications and explanatory notes on the new income tax scheme announced in the Union Budget on Saturday.
- The finance ministry has issued a note clarifying that an Indian citizen staying abroad is liable to
pay tax on any income generated in India, be it through rent or other means, irrespective of whether he pays tax in his current jurisdiction.
- Finance Minister Nirmala Sitharaman has said the government's intention is to further reduce
personal income tax rates, and gradually do away with all exemptions, going forward.
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