Budget 2026: The moment for the budget presentation is drawing near. In a short while, Finance Minister Nirmala Sitharaman will present the accounts and roadmap for the upcoming financial year. Everyone has high expectations for this budget. Government employees, private sector workers, taxpayers, farmers, and business owners all have high hopes.
There are also speculations about a big gift being announced. This will be the last budget presented under the current Income Tax Act. The central government plans to implement the Income Tax Act 2025 from April 1st. Buying and owning a home is likely to become cheaper. There are discussions that the government might reduce tax exemptions on home loans. However, nothing can be said officially yet. These claims are being made in media reports.
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Know how much tax exemption to expect on home loans.
House prices are increasing day by day, making buying a home a very difficult task. In such a situation, taxpayers believe that simply changing the tax slabs will not provide sufficient relief. The government will also need to consider providing exemptionsforn essential expenses. Along with this, there is a possibility of an increase in the Rs 2 lakh tax exemption currently available to taxpayers on home loans.
Possibility of increased basic tax exemption
Did you know that under the old tax system, income tax depended on savings schemes like PF, home loans, and insurance? But now, people feel that the current exemption limit is not sufficient for them. The basic exemption of Rs 2.5 lakh and the exemption of Rs 1.5 lakh under Section 80C may be increased. Moreover, taxpayers are demanding that this limit be increased to a minimum of Rs 2 lakh, keeping in mind children’s education.
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Possibility of simplified rules
It is also observed that common people often have to wait a long time for refunds after filing their returns. People also want relief from problems related to TDS matching and capital gains tax. Simplified rules could provide relief to taxpayers from these difficulties. Currently, the rules for the stock market, mutual funds, and real estate are quite different.