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Sunday, August 10, 2014

Budget 2014 - REITs and Infrastructure Investment Trusts

 This year's budget lays the road map for providing long-term funds on a sustained basis to the cash-starved infrastructure sector. It envisages the creation of Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs). The finance ministry has proposed a range of tax incentives for these trusts in line with its promise to create a framework of fast-track, investment friendly and predictable public private partnerships (PPPs) to build large-scale projects that are of vital importance for India to compete in global markets. The Infrastructure Investment Trusts will be listed on the bourses and their units will attract same levy of Securities Transaction Tax (STT) as equity shares of a company. The investors in the trusts will get similar tax treatment on capital gain as in the companies. They will not have to pay long-term capital gains tax while the applicable short-term capital gains tax would be 15%.

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