Budget 2025 Expectations: February 1, 2025, will be very special for the general public. The Union Budget will be presented on that day. People have high expectations from this budget. While people associated with jobs have high expectations from an entire budget, middle-class families also have high expectations.
If experts are to be believed, the middle class may see an increase in the tax exemption limit from the government. Under Section 80D of the Income Tax Act of 1961, the deduction limit for health insurance premiums was increased from Rs 15,000 to Rs 25,000 in the 2015 budget nine years ago.
How much should the deduction limit be increased?
Experts say that for persons below 60 years of age, the deduction should be increased from Rs 25,000 to Rs 50,000. There is a demand to increase the deduction for premiums paid by children on behalf of parents to Rs 75,000. Experts believe that the limit for senior citizens should be increased from Rs 50,000 to Rs 1 lakh.
The government will make a big announcement.
If the government makes income up to Rs 10 lakh tax-free, people will get significant relief. Inflation has increased daily across the country in the past few years, making it challenging to manage household expenses.
According to the Income Tax Department, in 2023-24, 70 per cent of the people filing income tax returns had taxable incomes of Rs 5 lakh or less. In addition, 88 per cent of the people filing returns had incomes of less than Rs 15 lakh.
Real estate sector
The real estate sector also expects a lot from this budget. The demand for property and real estate is increasing. If Finance Minister Nirmala Sitharaman gives the real estate industry status, it will become easier for ordinary people to buy property at a reasonable rate. Builders and developers will also benefit.