Last Updated on 25/07/2024 by wccexam Desk
After presenting the Modi 3.0 budget, Finance Minister Nirmala Sitharaman gave an exclusive interview to Aajtak on Thursday. Speaking on the budget, Finance Minister Nirmala Sitharaman said that this is a budget beneficial for the middle class. Finance Minister Nirmala Sitharaman said that the middle class has been given relief by reducing the income tax rate and standard deduction. Not only this, some other reliefs have also been given.
The Finance Minister further said that to provide more relief to the middle class, a subsidy loan of up to Rs 10 lakh has also been announced for students. Also, if someone from a middle class family goes abroad for studies or treatment, then relief has been provided by increasing the amount. We are also providing relief in loans so that the middle class can buy affordable houses.
Why was there no change in the old tax regime?
Not only are we giving relief by giving tax exemptions, but we are giving exemptions all around. We have always been trying to reduce taxes. We did not think it was right to reduce taxes in the old tax regime. That is why we have brought a new regime and will keep increasing exemptions in it in the future.
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Is there a bubble in the stock market due to which LTCG was increased?
Finance Minister Nirmala Sitharaman said that our intention is not to tamper with the stock market. SEBI is keeping an eye on it. The government has no intention of tampering with the stock market. She said that the Long Term Capital Gain Tax (LTCG) for the stock market was increased from 10 percent to 12.5 percent so that the asset class can be given equal treatment. In this too, a rebate of 1.25 lakh per annum has been given.
This has been done to simplify the tax system. He said that before the introduction of GST, there was different tax for every item and state, which was brought together after the introduction of GST. Similarly, changes have been made in LTCG as well to give it equal treatment.
Why was indexation removed from the property?
The Finance Minister said that earlier there was a 20 percent tax on property long term, which has now been reduced to 12.5 percent. However, indexation has been removed. He said that this amount has been arrived at only after doing all the calculations.