Kolkata, Feb 1: Chairman of Ambuja Neotia Group Harshavardhan Neotia today said the budget presentation by Finance Minister Piyush Goyal has been significant.
Though it’s an interim budget, it presents a roadmap for future India which is poised to become a $5 trillion economy in 5 years and aspires to become a $10 trillion economy in the next 8 years thereafter, he said.
Mr Neotia said the government took the opportunity of its last budget to not only present a synopsis of its many achievements of the last five years but also put out a ten point inspirational vision for the forthcoming decade.
They have by and large kept close to the fiscal deficit target and only allowed a slippage of 0.1 per cent primarily to provide the much required support to small and marginal farmers facing distress, he said.
He said the presentation indicated that the government had managed to keep inflation in check and perhaps their record on this parameter was the best ever for a five year period.
Mr Neotia said the tax breaks for the salaried, middle class, pensioners is being welcomed and is far more than expectations. This is definitely a budget for the middle class and poor.
From poor farmers getting Rs 6,000 per year under PM Kisan scheme to unorganised labour getting Rs 3,000 per month after age of 60 under mega pension scheme to no income tax for income up to Rs 5,00,000 as also standard deduction raising from Rs 40,000 to Rs 50,000 aim towards bettering livelihoods of a large section of people, he said.
The Chairman of Ambuja Neotia Group said from real estate’s point of view several noteworthy announcements have been made which includes: No tax on notional rent if you own second house, No TDS on rental income up to Rs 2, 40,000 per year, Capital gains tax exemption added to new houseunder Section 54 within limit of Rs 2 crore. That apart an effort has been made to boost affordable housing by extending income tax benefit by a year under section 80IB till March, 2020.
The government has recommended to the GST council for rationalization of rates to address the concerns of home buyers which is likely to propel prospective home buyers to accelerate their
purchase decisions, thereby leading the residential market to pick up pace, he added. (UNI)