Budget 2022 Expectations: Big expectations are attached to the real estate sector and finance sector from the upcoming budget, which are given below.
Budget 2022 Expectations: The real estate sector suffered a major setback due to the Corona epidemic, but now it is slowly recovering. However, it has high expectations from the budget for the next financial year 2022-23. According to experts, home buyers are expecting tax benefits from the budget. Apart from this, developers are also hoping for relief regarding the affordable housing segment so that their business can be strengthened. Apart from this, for the growth of the finance sector, experts are also demanding from the Finance Minister that investment in e-infra should be increased and incentives should be given to small shopkeepers. Finance Minister Nirmala Sitharaman will present the budget for the next financial year on February 1, and this budget has great expectations from the real estate sector and the finance sector, which are given below.
Budget 2022 Expectations: Better education and employment for every child
Demand for more tax benefit on home loan
According to Milind Govardhan, CEO and MD, Leaf Fintech, a maximum annual tax benefit of Rs 1.5 lakh is available under section 80C, but under this section, deduction is also available for PF, PPF and life insurance policies etc. Because of this, it becomes very difficult to avail the tax benefit on the loan taken for the home. Home loan interest under section 20(b) offers a tax benefit of Rs 2 lakh per annum and the government has also tried to provide additional benefits to home buyers through sub-sections like 80EE and 80EEA, but due to the large loan amount. Because the benefit of these sub-sections is not available. In such a situation, Govardhan has demanded that the tax benefit in home loan should be increased from Rs 2 lakh per annum to Rs 5 lakh.
Budget Expectations 2022: Expectations of investors from the new budget, the government will increase the limit of 80C
Real estate sector hopes for relief from the budget
According to Govardhan, the real estate market is recovering from the shocks of the Corona epidemic and to maintain this boom, support is expected in the budget. According to Govardhan, the developers have proposed to increase the house value ceiling in the affordable housing segment from Rs 45 lakh to Rs 75 lakh in non-metro areas and Rs 1.50 crore in metro cities to provide more affordable housing. For this, they are advocating to increase the size of flats from 60 sqm to 90 sqm in metro cities and 120 sqm in non-metro areas.
Government investment in e-infra increased to accelerate growth of tech industry
According to Anshuman Narayan, Vice President, CashBean, the biggest need for fintech at this time is that the government should increase investment in e-infra. According to Narayan, high-speed internet is still not accessible in most parts of the country. Private companies are providing high-speed internet to the people, but according to Narayan, if the government strengthens e-infra, then there can be a sharp growth in the tech industry and tax collection will also increase.
Budget 2022 Expectations: Experts gave important suggestions for the real estate sector, these big benefits will be given to home buyers if included in the budget
Demand for incentives for digital payments to small shopkeepers
Sanket Shendure, CEO and co-founder of Minko says that most of the transactions in the country’s retail market are done in cash. B2B payments to retailers ie Rs 30-40 lakh crore to distributors are done through cash. According to the indications, if the government announces any incentive in the budget for making digital payments to small shopkeepers to pay the supplier, then this will not only reduce the cost but it will also increase the financial inclusion.
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