What to Expect from Budget 2024: Boost for Real Estate and Economy?
As the Union Budget 2024-25 approaches, the real estate sector is optimistic about potential policy shifts that can stimulate growth and development.
Union Budget 2024Nirmala SitharamanReal Estate SectorEconomyPersonal Tax RegimeReal Estate NewsJul 16, 2024
The real estate sector is eagerly waiting for policy reforms that can provide a much-needed push to the industry. With the current economic landscape, the sector anticipates significant changes that can have a substantial impact on its future. The government's efforts towards creating a more equitable economic landscape where every individual can thrive will be crucial in this budget.
According to reports, the government is considering raising the standard deduction to at least ₹1 lakh to better align with present-day expenses and inflation rates. Accounting company EY (Ernst & Young) expects significant reforms under the personal tax regime, including streamlining tax slabs, clarity on taxation of employer contributions, and ESOPs tax deferral. The Society of Indian Automobile Manufacturers (SIAM) has sought higher allocation of capital expenditure and steps to boost rural sector demand in the upcoming Union Budget.
The real estate sector is also expecting some relief in the form of tax benefits, deduction on home loans, and relaxation of norms for the affordable housing segment. With the government's focus on affordable housing, the sector is optimistic about policy reforms that can stimulate growth and development.
The Union Budget 2024 is expected to provide a boost to the economy, which has been facing challenges in recent times. The government's efforts towards creating a more equitable economic landscape will be crucial in this budget. Stay tuned for more updates on what to expect from Budget 2024.
Information
Nirmala Sitharaman is the current Finance Minister of India, serving since 2019. She has presented six consecutive budgets since then.
Ernst & Young (EY) is a multinational professional services firm that provides assurance, tax, consulting, and financial advisory services.
The Society of Indian Automobile Manufacturers (SIAM) is the apex national body representing the Indian automotive industry.
Frequently Asked Questions
When is the Union Budget 2024 expected to be presented?
July 23, 2024
What is the expectation from the real estate sector in Budget 2024?
The sector is expecting policy reforms, tax benefits, and relaxation of norms for the affordable housing segment.
What is the significance of the annual economic survey preceding the budget speech?
The survey provides an overview of the country's economic performance and sets the stage for the budget speech.
What is EY's expectation from Budget 2024?
EY expects significant reforms under the personal tax regime, including streamlining tax slabs and clarity on taxation of employer contributions.
What is SIAM's expectation from Budget 2024?
SIAM has sought higher allocation of capital expenditure and steps to boost rural sector demand in the upcoming Union Budget.
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