Budget 2024: Super chance for home loan buyers..!?

Sowmiya Sriram
Budget 2024: Super chance for home loan buyers..!?
Finance minister Nirmala Sitharaman is scheduled to present the budget for the financial year 2024 to 2025 in the lok sabha on July 23. This is the first full budget of the Modi 3.0 government after the 2024 general elections. Meanwhile, expectations and demands are piling up from all over the sector. This post describes the demands of experts from the financial sector.
Tax Exemption on home Loans: Under Section 80C of the Income Tax Act, tax relief available on the home loan amount for the purchase of the house is currently Rs. 1.5 lakhs. This is Rs. 2.5 lakh should be increased. The amount of this tax concession is Rs. 2.5 lakh, the home loan borrowers will get more tax benefits. With this, getting a home loan is very affordable. At the same time, the number of home buyers will also increase. Due to this, real estate will develop well.
Changes in import duty: Import duty on gold is expected to be reduced from 15% to 10% and silver import duty is expected to be at par with gold under CEPA. Some gold mines in india import unrefined gold. These are sourced from least developed countries under zero duty. Stopping these is expected to create a level playing field among traders. Under the CEPA agreement, when india imports gold from another CEPA country, it will have to pay a lower import duty. This will reduce the price of gold and benefit the consumers. The insurance industry has demanded a reduction in GST. As always, the insurance industry has placed certain expectations on the government and the finance minister. The primary demand for these sectors is to reduce the GST levy on insurance premiums. Currently, GST on insurance premiums is 18 percent. This is considered too high. And this is a barrier for people who want to buy insurance. If GST is reduced, it will be very helpful for this sector. Secondly, there are also expectations that policyholders will get more tax benefits for their medical insurance.
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