Finance Minister Nirmala Sitharaman has proposed a Re 1 special additional duty and road and infrastructure cess on diesel and petrol.
Out to enhance surcharge on individual income of Rs 2-5 crore and over Rs 5 crore by 3 per cent and 7 per cent, respectively. Those in the highest income bracket needed to contribute more to national development, she said. Customs duty on gold and other precious metals is to go up from 10 per cent to 12.5.
To lift the real estate sector, it is proposed to provide further impetus to affordable housing with an additional deduction of Rs 1.5 lakh on interest paid on loans borrowed up to March 31, 2020, for purchase of a house up to Rs 45 lakh.