New Delhi
Union Finance Minister Nirmala Sitharaman will present her eighth consecutive budget 2025 on Saturday, 1 February. This Union Budget will be the second full financial budget of Prime Minister Narendra Modi’s NDA government in its third consecutive term. Explain that like the last four Union Budgets and an interim budget, full Union Budget 2025-26 will also be paperless. Let’s know in details…
The announcements made in the general budget to be presented on 1 February have a direct impact on real estate. Especially in view of the demand of increasing flat in Delhi NCR including Noida, people are looking forward to this general budget. Now it has to be seen what announcements Nirmala Sitharaman makes.
‘Need for special policy making’
According to CREDAI Western UP Secretary Dinesh Gupta, Epordable Housing is left behind, where the buyers of 1, 2 and 2+1 BHK Units are empty. In such a situation, special policy is required for this class in the real estate sector. More and more people should create a special class of house hussing loans to get easier and cheap home loans, with enhancing tax input and bringing back input tax credit.
‘The exemption limit in section 24 should increase’
According to Nirala World CMD Suresh Garg, in view of the rapidly increasing popularity of the real estate sector, purchasing property should be increased inaugurating, in which the exemption limit in Section 24 of Income Tax should be increased to 5 lakhs. People are more aware of buying a house than before. In such a situation, the limit should be increased by redefining the Employable house. The government should give input tax credit on GST, which only benefits home buyers.
‘GST’s input tax credit should be brought back’
According to RG Group Director Himanshu Garg, First Time Home The benefits of the buyer will also be implemented on the second time home buyer and the process of buying the house will be strengthened. The right time to increase the tax exemption limit on home loan interest is the right time. The input tax credit of GST should be brought back, which the builders used to give the benefit to the home buyers. The scope of Swamih Fund should be extended, in which the stock project can be completed.
‘There should be a provision for special class and exemption’
According to Avnish Sood, director of Eros Group, there should be a provision of special classes and exemption for green and eco -friendly houses, so that the construction and promoters of such houses can be promoted and the house buyers can also be given more benefits. The relief to the builder from the input tax credit can work on the model of transferring direct home buyers, making transparency. Real With the industry status to Estate, there will be ways to issue tax free bonds for a larger residential project.
‘Government should bring way to PPP model’
According to Pankaj Kumar Jain, director of KW Group, a plan like Eupordbal Hauzing Linked Subsidy Scheme will have to work, which encourages the construction of 30-60 lakh budget houses and a very large class house buyers will get options for taking homes. Could The government should bring a way to the PPP model, so that cost can be controlled, special discounts should be given and supplied to cheap houses.
‘Tax exemption limit should be increased’
According to Shailendra Sharma, managing director of Renox Group, the limit of tax exemption on direct tax and home loan should be increased and the government should bring back input tax credit on GST, which will benefit home buyers. According to today’s needs, houses of 1,500 sq ft have become common now, in such a situation, up to 1200 sq ft houses should be brought in the category of Employable Homes and under special discounts, they should be kept up to 40-60 lakhs, so that this class Buyers also get options.
Budget 2025: Date and Time
Finance Minister Nirmala Sitharaman will present the Union Budget 2025 in Parliament on 1 February 2025. His speech will begin in the Lok Sabha at 11 am. Please tell that this will be his eighth budget speech.
Where to see Budget 2025 Speech Live-
The Union Budget will be broadcast on the official channels of Parliament, Doordarshan and Parliament TV.
It will also be streamful on the official YouTube channels of the government.
Where to get Budget 2025 documents?
This time also the budget will be completely paperless. You can read it through “Union Budget Mobile App”. This app is available in both Hindi and English languages. Information related to the budget will also be available on www.indibudget.gov.in website.
Importance of pudding ceremony before budget 2025
The pudding ceremony is a tradition in the process of making the Indian budget from the 1980s, which reflects the final phase of the preparation of the Union Budget.
When did the budget making process start for 2025?
The Finance Ministry began to prepare the budget in October 2024, discussed with various ministries to finalize financial estimates and needs for the upcoming financial year. Since assuming power in 2014, the Narendra Modi government has abolished several traditional budgetary facilities. These include connecting the Railway Budget with the main budget of 2017, extending the date of presenting the budget from the end of the month to February 1 and transforming it from 2021 to digital format.
Expectations from budget
As the budget time is getting closer, people with salary are increasing expectations of income tax. Sudhir Kaushik, co-founder and CEO of TaxSpanner, says, ‘Tax changes in the annual budget can disrupt long-term financial plans. The new tax regimen is designed to encourage people who do not save, but the savings should also get a chance to maintain their current plans. Taxpayers and their advisor should be allowed to choose a tax plan according to their own.
This was the budget before independence
Let us tell you that even before independence, the budget of the country was presented, during which our country was under the British. It is said that the British government used to present the budget, although the then budget was for English officials and some elite people of the country. In the year 1860, British MP James Wilson presented the first budget for the country, whose language was English. At that time the budget is not for the British rather than Indians. It is said that in 1956, for the first time, the current finance minister of the country CD Deshmukh has decided to get the budget printed in English as well as Hindi. Along with English, it started publishing in Hindi.
What is special in the budget
Let me tell you that the budget is special for the country. Which the government presents the finance minister, apart from which sector the government will spend how much money. Where will give exemption, where the tax will be more, all of them have full details. However, a blueprint of the upcoming expenses of the country is presented in front of the country as a budget. It is prepared by the government in collaboration and consultation with the officials of the Finance Ministry, NITI Aayog and economists.
Know 5 fun facts related to this
First- Halwa Ceremony
The pudding is distributed in the Finance Ministry before the Finance Minister presents the budget in Parliament, this is a long -standing tradition and the government is still following it. This Halwa is prepared in the ministry itself and the officers and employees of the Finance Ministry are fed to the budget work. This tradition of Halwa Ceremony has been going on since independence and the belief behind it is that something sweet food is good before doing every auspicious work in the country. That is why this essential document is sweetened with pudding before putting it in front of the public.
Second- India’s first budget
For the first time in India, Budget was introduced in the British period itself. It was read by Finance Minister James Wilson in the British Government on 7 April 1860. But do you know who presented India’s first budget after India got independence from the British rule? So let us know that in the year 1947, RK Shanmukhm Chetty introduced it. It was an interim budget.
Third- leaked budget has also been leaked
Union Budget is prepared amid tight security arrangements and 10 days before the budget is presented, officers and employees associated with this work live in an atmosphere like lockdown. Meaning, they are cut off from the whole world including family. Actually, the reason behind this is old, because when the country’s Finance Minister John Mathai was in 1950, it was leaked during the budget printing at that time. In view of the safety of leaks, its printing was transferred from Rashtrapati Bhavan to Minto Road and since 1980 it is printed in a very intelligence manner in the North Block Basement.
Fourth- Earlier only the budget was presented only in English
Another fun fact related to Budget is that earlier it was introduced only in English language. By the year 1955, the Union Budget was especially in English, but after this the mirror of the financial condition of the country was introduced not only in English, but also in Hindi. Former Finance Minister CD Deshmukh started presenting the budget in both Hindi and English languages.
Economic survey before fifth budget
The budget is presented by the Union Finance Minister on 1 February 2024, but the Economic Survey is placed on the table of Parliament just a day before that. This is a complete account of the health of the country. It is very important and is going to present a complete picture of the budget presented the next day. The Economic Survey Document is approved by the Finance Minister after the preparation is prepared. The country’s first economic survey was introduced in 1950-51. The Economic Survey was then introduced as a part of the general budget. However, in 1964, the Economic Survey was separated from the budget.
