Arun Jaitley, the Finance Minister of India on Thursday presented his fourth budget.

Here is what the finance minister broadcasted in Budget 2018:

Affordable Housing funds
The government will also start a dedicated Affordable Housing Fund (AHF) in National Housing Bank funded from a priority sector lending deficit and fully serviced bonds sanctioned by the Government of India.

National Housing Bank

National Housing Bank Act is being altered to transfer its equity from the Reserve Bank of India to the Government. National Saving Certificate Act, Provident Fund Act, and Indian Post Offices Act are being incorporated and certain added people-friendly measures are being announced.

To provide the Reserve Bank of India an instrument to accomplish excess liquidity, Reserve Bank of India Act is being amended to institutionalize a Uncollateralized Deposit Facility.

Securities Contracts (Regulation) Act 1956, Depositories Act 1996, Securities and 23 Exchange Board of India, Act 1992 are being amended to simplify adjudication procedures and to provide for penalties for certain violations. These proposals are in the Finance Bill.

REITs

The Government and market regulators have taken essential measures for expansion of monetizing vehicles like Real Investment Trust (REITs) and Infrastructure Investment Trust (InvIT) in India. From next year, the Government would launch monetizing select CPSE assets using InvITs from next year.

Circle Rates

Currently, while taxing income from business profits, capital gains and other sources related to transactions in immovable property, the consideration or circle rate value, whichever is higher, is accepted and the difference is calculated as income both in the hands of the seller and purchaser.

Sometimes, this variation can occur in respect of different properties in the same region because of a variety of factors including the shape of the plot and location.

In order to minimalize hardship in real estate transaction, Mr. Arun Jaitley projected that no adjustment shall be made in a case where the circle rate value does not surpass 5% of the consideration.

Smart Cities

Smart Cities Mission aims at building 100 Smart Cities with state-of-the-art facilities. 99 Cities have been already selected with an expenditure of Rs 2.04 lakh crore. These cities have started executing various projects like Smart Roads. Solar Rooftops, Smart Parks, Intelligent Transport Systems, Smart Command, and Control Centre.

Projects worth Rs 2,350 crore have been completed and works of Rs 20,852 crore are under development. To preserve and regenerate soul of the heritage cities in India, National Heritage City Development and Augmentation Yojana (HRIDAY) has been taken up in a major way.