Anil Rego, CEO and Founder, Right Horizons
The government should focus on infrastructure growth, assisting infra companies to re-capitalize, moving stalled projects, etc. Tyre industry is looking at abolishing 10 per cent import duty, auto manufacturers are looking for an excise cut, the IT industry wish that the 4 per cent duty on all imported electronics be removed, and most importantly getting rid of the retrospective tax reforms.
Given the Modi govenrment's big push on “Make In India” campaign, with a slew of tax breaks, and incentives likely to be announced. On the personal finance front, there is hope that the tax exemption limit for income will be increased from the current Rs. 2.5 Lakh to Rs. 3 Lakh.
Kishor Pate, CMD - Amit Enterprises Housing Ltd.
The Union Budget 2015-16 should make the rate of interest specific to home loans more reasonable. Currently, banks are offering interest rates ranging between 10.15-10.40 per cent, and this is far too high. Paying so much interest has serious implications on the family budgets of most middle-class wage earners. It is not surprising that many of them currently shy away from home loans. The budget should bring the interest rate on home loans down to between 7.5 per cent-8.0 per cent. The new government has clearly stated that it wants to make Housing For All Indians a reality by 2022. It is impossible to achieving this goal if home loans do not become affordable to all, as well.
Additionally, the home loan interest amount exemption under Income Tax benefit should be increased from the existing limit of 1.5 lakh to 3 lakh. Further, this exemption should be made applicable for more than single property purchases. This is not an unreasonable expectation. In the current times and in many cases, a single home is not enough to accommodate all family members. The finance ministry should take due note of this fact and accordingly provide relief for both first home and second home buyers.
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