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As an election budget, the aspiration of the 2 classes of the people have been addressed. The allocation to the agricultural sector of more than Rs 75,000 crore is a major benefit for the farmers and the rebate of income tax upto Rs 5 Lakhs makes for substantial benefit for the middle class.

An interesting development is on capital gains tax where the benefit of capital gains exemption is extended to investment in 2 residential properties as against 1 residential property.

Cash flow benefits to the middle class will be substantial that the combination of higher rebate of income tax, standard deduction increase by Rs 10,000 and enhanced thresholds for levy of TDS on interest and rent.

The real estate sector has some cheer by extension of the tax exemption u/s 80IBA and the increase in period of exemption of notional rent on self-occupied property from 1 year to 2 years.

First Published:Feb 1, 2019 2:15 PM IST