Union Budget 2025 | Increase home loan tax deduction threshold to 5 lakhs, says Krisumi Corporation president Akash Khurana

Finance Minister Nirmala Sitharaman will present the 8th consecutive Union Budget on February 1, 2025. Reports suggest that the government is mulling over cutting income tax for those who are earning up to Rs 15 lakh a year in February's budget, in turn providing relief to the middle class.

Tax payers have pinned high hopes on the Union Budget FY 2025-26 documents and are keeping their fingers crossed regarding their expectations from the government's most important financial document of the year.

 "As the Union Budget for 2025 approaches, the government, with its view to push growth, is anticipated to introduce a slew of reforms which may boost economic activity and bring efficiency to different sectors, including real estate.

The real estate sector, being one of the largest contributors to the GDP, could serve as a catalyst in augmenting growth. Since the tax deduction on housing loans has remained stagnant at ₹2 lakh per annum, it is imperative for the government to increase the threshold to ₹5 lakh. This will propel the demand for housing further.

We also anticipate the government to continue its thrust on infrastructure development, as it has a multiplier impact on the economy. With the government’s focus on sustainable development, some kind of incentive for green and eco-friendly housing could boost the supply of sustainable units," said Akash Khurana, president and CEO, Krisumi Corporation

Union Budget 2025 | Nirmala Sitharaman, who continues to be Finance Minister, will present her record 8th Union Budget this time. While inflation has burnt a hole in the pockets of 'aam janata', reports suggest there might be a tax relief for those making up to Rs 15 lakh per year. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.