With the tax exemption limit being enhanced upto Rs 5 lakh from the existing Rs 2.5 lakh to millions of salaried and middle class people in the "Interim Budget" presented by Union Finance Minister Piyush Goyal on Friday, Delhiites gave it thumbs up, saying that it will provide much needed relief.
Terming it a fantastic budget for middle class and lower middle class, Rajesh Singh, who works in a multinational company in Gurugram said that he was ecstatic with the announcement made by the Finance Minister. "I am also in this slab and will stand to benefit. I personally think that this government has delivered more for the poor of this country," he said.
Manoj Gaur, a businessman said "The move to increase income tax slab to five lakh is a very positive move. This is a remarkable step towards increasing disposable income for an individual.
Also, a home buyer prefers to buy a home in luxury segment, will be benefited with the rollover of capital gains under section 54 of the Income Tax Act, he said.
Gaur further said that the move will further increase investments in luxury segment thus giving a positive push to the real estate sector.
Aditya Okhade, an employee of multinational company in Gurugram said that in this budget, the Government has covered all sections of society, especially middle class and farmers. "The change in the income-tax slab from Rs 2.5 lakh to Rs 5 lakh will help us in saving money. Overall, the budget is very promising," he said.
"Considering the upcoming General Elections, a positive and balanced budget was expected. This budget will enhance the economy and provide much needed breathing space to the salaried persons whose salary is up to Rs 5 lakh", Sangram Singh, an advocate with a private firm said.
Singh said that the exemption for tax-payers will increase the purchasing power of the individuals. "It was also provisioned that individual taxpayers with gross annual income up to 6.5 lakh will not have to pay any tax, what could be there more to expect", he Singh added.
Parvej Malik, who runs a coaching institute at Vijay Nagar in North Delhi, said that the middle class tax payers including salaried and pensioners have now seen Achche Din after the relief announced in the Interim Budget 2019. "The budget fulfills the expectation of common man and the ruling party will also get benefited with this lucrative and pro- growth budget," he said.