The Finance Minister Nirmala Sitharaman will present the Union Budget tomorrow i.e. on February 1. From the everyday person to all of us including homebuyers there are a lot of expectations from the full budget to be released by the government prior to elections. Many are hoping that the budget will go in line with their expectations.
This is Sitharaman’s final full budget for her second tenure
of the Modi government. Madan Sabnavis, Chief Economist, Bank of Baroda (BoB) stated, “Budget is a process of balancing multiple objectives including fiscal prudence, a stable economy that is not subject to inflation, and generating more resources from sources other than tax and offering concessions as needed.”
Salaried Clauses might receive tax relief on incomeÂ
stated, ‘As everything is different The Finance Minister will make decisions with a sense of understanding to move in a decisive manner across all areas.’ In the case of the last complete budget that was presented prior to election time, the Sitharaman government could offer tax relief to the salaried and small-scale traders. There is also an appeal to raise the exemption amount for home loans in order to encourage people to purchase houses and also to provide an increase to the real estate industry. It is second to agriculture when it comes to offering employment to the nation.
V. Swaminathan, executive chairman of Andromeda Loans & Apnapaisa.
Stated that in the coming budget. The government will make decisions that will provide relief to customers. It is likely by the authorities to look into the long-awaited request to increase the deductibility limit for the interest on home loans from two-three lakhs to three lakhs. In relation to the relief offered for salaried persons, Vivek Jalan, partner, of Tax Connect Advisory, stated that there is an urgent necessity to cut down on taxes on personal income.
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