{"id":74249,"date":"2024-07-06T11:37:51","date_gmt":"2024-07-06T06:07:51","guid":{"rendered":"https:\/\/navimumbaihouses.com\/blog\/?p=74249"},"modified":"2024-07-06T11:37:51","modified_gmt":"2024-07-06T06:07:51","slug":"union-budget-2024","status":"publish","type":"post","link":"https:\/\/navimumbaihouses.com\/blog\/news\/union-budget-2024\/","title":{"rendered":"Anticipating Tax Reforms In The Union Budget 2024"},"content":{"rendered":"

Real estate professionals are getting more and more excited about the potential tax perks as the Union Budget 2024 announcement draws near. Among the most anticipated improvements are a rise in tax exemptions, an emphasis on affordable housing and infrastructure, and a streamlining of the capital gains tax. Will these anticipated reforms, though, actually happen? This blog examines it in more detail.<\/p>\n

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Some significant changes were made to the 2023 budget, such as the introduction of a new IT tax regime and a decrease in TDS for EPF withdrawals. Likewise, numerous professionals in the field are doing an in-depth examination of anticipated tax adjustments in the Union Budget 2024. Which may result in a sense of comfort for the average citizen. The aspirations of the real estate industry, which include tax exemptions, more financing for infrastructure, and simplified capital gains procedures, are not far behind. To gain a detailed understanding of all the anticipated tax improvements for the real estate industry from the Union Budget 2024, read this article.<\/p>\n

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Significant tax reforms are expected in the upcoming\u00a0Union Budget 2024<\/h2>\n

Following the recently held elections, the Modi Government assumed power in India for the third time, with Mrs. Nirmala Sitharaman remaining in her role as Finance Minister. The newly elected government’s first comprehensive budget will be this one. The following tax measures are anticipated by the industry in the Union Budget 2024. Which is anticipated to be unveiled during the third week of July:<\/p>\n

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TDS reforms<\/u><\/h3>\n

The adjustment of the current TDS (Tax Deducted at Source) is one of the main expectations from the Union Budget 2024. The Rs 1.5 lakh ceiling under Section 80C has been unchanging for years and needs to be changed. Changes may also be made to the interest deduction for house loans. Which is currently capped at Rs 2 lakh for properties that are self-occupied. The destiny of Standard Deduction, which may be subject to revision in the Union Budget 2024, is closely watched by those in paid positions.<\/p>\n

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Income tax reassessment<\/u><\/h3>\n

In the Union Budget of 2024, an increase in the tax exemption from Rs 3 lakh to Rs 5 lakh is anticipated. If the new regime’s amended tax exemption is revealed. People making more than Rs 7.5 lakh will profit the most from it. Additionally, the average tax outlay may be lowered by Rs 10,000 as a result of the updated tax slabs.<\/p>\n

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Affordable housing<\/u><\/h3>\n

In India, real estate developers anticipate higher tax exemptions on rental revenue and home loan interest rates. In the Union Budget 2024\u20132025, the fraternity also anticipates an increase of the concept of affordable housing to Rs 75 lakh with a larger carpet space.<\/p>\n

Experts also anticipate additional money for the Special Window for Affordable &\u00a0Mid-Income Housing (SWAMIH) fund and the revival of programmes like the Credit Linked Subsidy Scheme (CLSS).<\/p>\n

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Increased Infrastructure funding<\/u><\/h3>\n

The urban infrastructure budget is expected to be boosted, according to the real estate industry. The PHD Chamber of Commerce and Industrial (PHDCCI) states that greater attention needs to be paid to Tier-2 cities\u2014particularly the SMART cities\u2014rural areas, and the interior regions of the nation. The penetration of ease of doing business can be improved in this way. Additionally, one might anticipate a stronger emphasis on infrastructure, particularly as it relates to roads, tunnels, and highways.<\/p>\n

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Tax on Capital Gains Simplified<\/u><\/h3>\n

The capital gains tax in India at the moment is convoluted, with varying holding periods for various asset classes. This makes it difficult to determine whether a “gain” was made over the long or short term. And once it is, different tax rates and surcharges apply. Disputes and lawsuits result from this frequently. Therefore, it is anticipated that the Union Budget 2024 will simplify the capital gains structure.<\/p>\n

Furthermore, the long-term and short-term capital gains tax rates ought to be 10% and 15%, respectively.<\/p>\n

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Relief for senior citizens<\/u><\/h3>\n

Senior citizens anticipate changes to the lock-in durations under Section 80C for a range of assets, including:<\/p>\n