Budget can prove to be a gamechanger for home buyers, EMI burden will reduce, how will you be able to take advantage?
New Delhi. Finance Minister Nirmala Sitharaman presented the country’s general budget (Union Budget 2023) on Wednesday. Many big announcements have been made in this budget. The biggest relief in the budget has been given to taxpayers. The new income tax slab announced in the budget will bring more money in the hands of salaried individuals, which is likely to increase demand from home buyers. Apart from this, increasing the allocation in PM Awas Yojana (PM Awas Yojana) to 66 percent is another positive factor for buying a house. This is likely to reduce the pressure on taking a home loan and paying EMIs.
In his budget speech on Wednesday, the Finance Minister increased the outlay for the PM Awas Yojana by 66 per cent to Rs 79,000 crore. The revised New Income Tax Regime was the showstopper for this budget. The Finance Minister proposed to raise the exemption limit to Rs 7 lakh under the new tax regime. Earlier, the exemption limit on income was Rs 5 lakh in both the old and the new regime.
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Change in number of tax slabs
There has also been a change in the number of tax slabs in the new regime. Now the income tax exemption limit has been increased to Rs 3 lakh. Under the new tax slab changes, no tax is levied on the salary of 3 lakhs, while 5% tax will be levied on the salary of 3 lakhs to 6 lakhs. Tax will be levied at the rate of 10 per cent on 6 lakh to 9 lakh, 15 per cent on 9 lakh to 12 lakh, 20 per cent on 12 lakh to 15 lakh and 30 per cent on salary above 15 lakh. Apart from this, the maximum surcharge has been reduced from 37 per cent to 25 per cent.
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Home buyers will benefit like this
Speaking to Mint, Shrikant Srivastava, Chief Risk Officer, IMGC, says that the allocation of Rs 79,000 crore in the PM Awas Yojana will help home buyers buy affordable homes. This initiative will also give a boost to the real estate industry. Apart from this, funds have also been increased for the development of urban infrastructure, due to which the development of the real estate sector will also be encouraged. Apart from this, Srivastava also believes that the new tax regime is in favor of home buyers, which will also simplify complex taxation.
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Tags: Budget, Budget 2023, Facts About Home Loan, Home loan EMI
FIRST PUBLISHED : February 03, 2023, 14:39 IST