For Budget 2020 Government Invites Suggestions
Feb 04, 2020 Real Estate News
For the upcoming Budget, the government of India asked the citizen to suggest what they expect from the Budget 2020. On their official website mygov, the government asked the citizens of the country to give their suggestions until January 20, 2020. Over 1.5 lac suggestions were posted on the website.
We discuss the popular suggestions posted by the citizens of the country:
Tax slab revision: Most citizens suggested that the income of up to Rs 10 lacs per annum should be made tax free. This will help in increasing the wealth formation at the lower end of the spectra as well as help in consumption and increasing the savings of the individuals. The citizens also suggested that the tax slab should move directly to 20 percent slab after 5 percent. The citizens also urged the Finance Minister to consider increasing the cap on Section 80C of the Income Tax Act. Increasing it from Rs 1.5 lacs to Rs 3 lacs will help cover even the saving options.
We discuss the popular suggestions posted by the citizens of the country:
Tax slab revision: Most citizens suggested that the income of up to Rs 10 lacs per annum should be made tax free. This will help in increasing the wealth formation at the lower end of the spectra as well as help in consumption and increasing the savings of the individuals. The citizens also suggested that the tax slab should move directly to 20 percent slab after 5 percent. The citizens also urged the Finance Minister to consider increasing the cap on Section 80C of the Income Tax Act. Increasing it from Rs 1.5 lacs to Rs 3 lacs will help cover even the saving options.
- Better lifestyle: Keeping the environment changes in mind, the citizens want the government to take steps towards sustainable living. The citizens suggested that the government should adopt ways to increase the groundwater storage, promotion of rainwater harvesting, ways to save water and use it wisely.
Few citizens suggested that the government should insist on the industries to have a system to take back their similar products from end-users for recycling.
As a part of energy conservation, it is suggested that a huge wall of wind turbines must be built to produce wind energy along the coastlines. This will help in fueling the trains and industries.
As a part of energy conservation, it is suggested that a huge wall of wind turbines must be built to produce wind energy along the coastlines. This will help in fueling the trains and industries.
- Invest in infrastructure: The citizens also want the country’s infrastructure to get better. From converting the highways from 4+ 4 lanes to 6+ 6 lanes for better movement of traffic to dedicated roads along the highways for the pedestrians. Every 50kms, an Economic Activity Park must be setup that consists of fuel, electric recharge stations, shopping, restaurants etc. must be set up.
The central government can tie-up with the state government and share the infra and use the funds for augmenting current facilities at the hospitals, which will help the general public immensely.
- More attention to the real estate sector: Stamp duty is a state affair, and most of the citizens share the same view that the stamp duty across the country shall be charged from 0.5 percent to 1 percent. This will help in increasing sales in the resale sector of the country while also providing the consumers with enough capitals for other expenditure.
To reduce the rotation of black money in the market, the citizens suggested that the long-term capital gains shall be on the sale of properties should be reduced to 10 percent with the holding period of 2 years.
Allowing the senior citizens to take the home loan against their fixed deposits. They can be pledged to housing finance companies and banks. The interest earned and rentals can be paid through EMIs. This will give both parties security of their assets.
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