Finance Minister Nirmala Sitharaman on Friday spoke on an array of issues in an exclusive interview to Republic TV's Executive Editor Abhishek Kapoor and Political Editor Aishwarya Kapoor, catering to the Union Budget 2019, which she presented earlier in the day in the Parliament.
On being questioned on the what is going through the minds of a middle class on benefits for him in the Budget 2019, Nirmala Sitharaman listed out a series of benefits the Union Budget provides to the common man in the fiscal year 2019-2020.
From tax-reduction for those buying a house within Rs 45 lakhs and less to deductions in vehicle loans resulting in benefits, here's how Nirmala Sitharaman explains the incentives for the middle-class in the Union Budget 2019:
"We have given tax-reduction for those who are buying house which are Rs 45 lakhs and less. Is that not an incentive for the middle-class. When I am telling them if you were to take a vehicle loan for 15 years for instance, particularly for the electric vehicle, you will get deductions which within the 15 years, which is the end of loan period, would result in more than Rs 3 lakhs of benefits for you. Is it not that? Then, we are also telling about the ways in which GST has reduced to essential goods that they used in the day-to-day, is that not money saved for your pocket. I can give you N number of such examples. When the last time 5 lakh deduction limit enhancement which was happened, just four months ago. So every time there is a Budget that happens even if that is four months ago, I have to prove my credentials for helping the middle class. We have done enough, we are doing more. This is the first budget of the second term of Modi," the Finance Minister said.
In the Union Budget 2019, Finance Minister Nirmala Sitharaman announced an additional deduction of Rs 1.5 lakh on interest on home loans borrowed under Affordable Housing till March 2020. This will encourage the fence-sitters to buy a house. She also announced an additional income tax deduction of Rs. 1.5 lakh on interest paid on electric vehicle loans.