Finance Minister Nirmala Sitharaman is set to present the Interim Budget 2024 at 11:00 am. The FM was seen flashing the ‘bahi khata’ folder outside the Parliament and the Ministry of Finance. The comprehensive Budget for the year 2024 will be presented after the new government is elected. As is customary, experts from across sectors, and the common man, have high expectations from the budget this year.
While salaried taxpayers are anticipating changes in income tax slabs and adjustments in the standard deduction and Section 80C limits to potentially increase tax relief, MSMEs want simplification of regulatory processes and easier access to loans and financial assistance.
The middle class on the other hand is hoping for policies to boost employment opportunities and also access to housing schemes and healthcare. To find out more, stay tuned with us here at Financial Express Online for live coverage of Budget 2024 expectations.
Harish Fabiani, Chairman, IndiaLand Group:
“Being a part of the real estate sector, we are anticipating favorable announcements and incentives from the upcoming Union Budget that will accelerate the sector’s growth. We are keen on hearing positive changes with regard to the capital gains tax structure. I believe that rationalizing the capital gains tax could prompt more retail engagement in the REIT and infrastructure investment trusts (InvITs) space. Progressive reforms like the recent SEZ rule amendment and tax breaks could benefit commercial real estate and boost leasing activities, particularly in segments like commercial buildings and IT parks.
Similarly, by making input credit available to property developers during the construction phase, the upcoming budget can help bring down the cost and help support the growth of the commercial sector, which is projected to become a $40.71 billion market in 2024. Additionally, I anticipate the budget to have ample provisions and tax reforms for energy transitions by focusing on green real estate and infrastructure, promoting affordable and sustainable housing, and easing the means to do business for commercial property developers.
Above all, I am hopeful for policies and incentives that will help boost the flow of investments toward the commercial real estate industry, adding to the nation’s drive towards becoming a $5 trillion economy. I am particularly hopeful that favorable measures such as streamlining the regulatory process could help attract investments from NRI and other key investors. A positive take on granting the real estate sector an industry status could also help ease access to finance, boost investment inflow, and improve transparency in regulation.”
Hello and welcome to our live blog where we will bring to you the demands, hopes and wishlist of experts from across the sectors related to the upcoming budget 2024. Stay tuned!