#RealtyNewsRoundup: I-T Department Makes Form 16 More Comprehensive

The Income Tax (I-T) Department has revised the format of Form 16 issued by the employers to make it more comprehensive. The new format will include details of income from house property, remuneration received from other employers, deductions under various tax saving schemes, investments in tax savings instruments, different allowances received as well as income from other sources. This revised form will be active from May 12.

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To promote affordable housing among homebuyers, the government is planning to ease financing and construction norms, say media reports. Apart from easy access to loans and relaxed eligibility for buyers, the government is also planning to offer the homes in a rental-cum-ownership format under its Pradhan Mantri Awas Yojana.

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The Brihanmumbai Municipal Corporation (BMC) is all set to give Mumbai’s Crawford Market a makeover. Under the BMC’s redevelopment plan, the heritage fountain and the three buildings in the market will be reconstructed. A two-storey basement parking will also be constructed in the crowded market by 2022.

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Kolkata’s luxury residential highrise, The 42, has become India’s tallest building, taking the title away from Mumbai’s The Imperial. The 268-m high building with 65 floors is located at Chowringhee, and is being developed in partnership by four developers, including Mani Group, Salarpuria Sattva Group, Alcove Realty and Diamond Group.

Source: Media reports