Union Budget 2019 Highlights

Union Budget 2019 brings reason to cheers for Real Estate

1. TDS threshold on rental income raised from Rs.180000 to Rs.240000

2. The benefit of rollover of capital tax gains to be increased from investment in one residential house to that in two residential houses, for taxpayers having capital gains up to 2 crore rupees, can be exercised once in a lifetime.

3. Benefit under Sec 80 (i) BA being extended for one more year, for all housing projects approved till the end of 2019-20.

4. Income tax relief on Notional Rent from unsold houses extended to 2 years.

5. Moreover, the GST council will take

6.  steps to reduce the tax burden on home-buyers.

7. A notional rent is applicable to the second house if someone has more than one house, has been waived off, considering the needs of citizens.

For the common man, industrialist, and farmers

1. Businesses with less than Rs.5 crore annual turnover, comprising over 90% of GST payers, will be allowed to return quarterly returns.

2. Individual taxpayers with annual income up to Rs.5L rupees to get a full tax rebate. This will provide tax saving of up to Rs 12,500 for all taxpayers.

3. 2% interest subvention on loan of Rs.1Cr for GST registered MSME (The Micro Small & Medium Enterprises) units.

4. 2% interest subvention to farmers pursuing animal husbandry and fisheries.

5. Mega pension Yojna, namely Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of Rs.3000 per month, with a contribution of Rs.100 per month, for workers in the organized sector after 60 years of age.

6. Under Pradhan Mantri Kisan Samman Nidhi, Rs.6000 per year for each farmer, in three installments, to be transferred directly to the farmer’s bank account, for farmers with less than 2 hectares landholding.

7. Individuals with gross income up to Rs.6.5L will not need to pay any tax if they make an investment in Provident Funds and prescribed equities.

8. Standard tax deduction for a salaried person raised from Rs.40000 to Rs.50000. A standard deduction of Rs.40000 for the salaried class. This additional deduction was proposed in lieu of existing deductions of Rs 15000 for medical reimbursement and Rs 19200 for transport.

9. In a relief for the common man, most daily-use items are now under 0-5% tax slab under GST.

10. Gratuity limit increased from Rs 10 lakh to Rs 30 lakh.

11. 75% of woman beneficiaries under PM MudraYojana, 26 weeks of maternity leave and Pradhan Mantri Matritva Yojana, are all empowering women.

12. In place of rescheduling of crop loans, all farmers severely affected by severe natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment.

13. The 22nd AIIMS will be set up in Haryana soon.