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The new finance minister Arun Jaitley has just presented his first budget. What measures does the budget contain that will specifically impact savers and investors? Here they are:
1. Housing loans exemption for self-occupied properties increased to Rs2 lakh: Earlier this amount was Rs1.5 lakhs. This move barely keeps pace with the inflation in asset values.
2. Investment limit under 80 (C) increased to Rs1.5 lakh: This is a good move again and offers some relief to taxpayers.
3. IT exemption increased to Rs2.5 lakh, Rs3 lakh for senior citizens. This comes as a minor relief for taxpayers.
4. Annual PPF ceiling to be enhanced to Rs1.5 lakh, from Rs1 lakh: This is in tune with the change in 80C.
5. Long term capital gains tax for debt funds has been raised from 10% to 20%. This is bad for high net worth investors but we at Moneylife never liked the idea of favouring debt funds over other capital assets like real estate. This is a healthy move.
6. Integrated DEMAT Account and inter-usable KYC norms are on the anvil.
7. Financial Sector Legislative Commission's recommendations will be examined and adopted, in close consultation with RBI. This is a statement of intent, nothing much to be expected soon.
8. Kisan Vikas Patra to be expanded. Good move for the average saver who looks for safety of capital and returns higher than bank FDs.
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