taxation rates more reasonable our tax administration more fair and expand the tax base in the country this approach will change the colour of moneynayi duniya hai naya daur hai nayi umang haikuchh the pehle ke tareeke to hain kuchh aaj ke dhangroshni aake andheron se jo takraegikaale dhan ko bhi badalna pada aaj apna rang144 the net tax revenue of 201314 was rs 1138 lakh crores this grew by 94 in 201415 and 17 in 201516 as per the re of 201617 we will end the year with a high growth rate of 17 for the second year in a row because of the serious efforts made by the government the rate of growth of advance tax in personal income tax in the first three quarters of the current financial is 348145 madam speaker the thrust of my tax proposals in this budget is stimulating growth relief to middle class affordable housing curbing black money promoting digital economy transparency of political funding and simplification of tax administrationmeasures for promoting affordable housing and real estate sector146 in my budget proposals last year i had announced a scheme for profitlinked income tax exemption for promoters of affordable housing scheme which has received a very good response however in order to make this scheme more attractive i propose certain changes in the scheme first of all instead of built up area of 30 and 60 sqmtr the carpet area of 30 and 60 sqmtr will be counted also the 30 sqmtr limit will apply only in case of municipal limits of 4 metropolitan cities while for the rest of the country including in the peripheral areas of metros limit of 60 sqmtr will apply in order to be eligible the scheme was to be completed in 3 years after commencement i propose to extend this period to 5 years147 at present the houses which are unoccupied after getting completion certificates are subjected to tax on notional rental income for builders for whom constructed buildings are stockintrade i propose to apply this rule only after one year of the end of the year in which completion certificate is received so that they get some breathing time for liquidating their inventory148 we also propose to make a number of changes in the capital gain taxation provisions in respect of land and building the holding period for considering gain from immovable property to be long term is 3 years now this is proposed to be reduced to 2 years also the base year for indexation is proposed to be shifted from 141981 to 142001 for all classes of assets including immovable property this move will significantly reduce the capital gain tax liability while encouraging the mobility of assets we also plan to extend the basket of financial instruments in which the capital gains can be invested without payment of tax149 for joint development agreement signed for development of property the liability to pay capital gain tax will arise in the year the project is completed150