The Union Budget 2024-25 was be presented on July 23rd, 2024 by Finance Minister Nirmala Sitharaman at 11 am.
Here’s what middle class people should know about :
Income from Salary
There is a marginal relief for the salaried individuals by raising standard deduction to Rs. 75,000 from Rs. 50,000.
Family pension for persons having pension income has been increased to Rs. 25,000 from Rs. 15,000 if they file taxes under the new regime.
Deductions:
Section 80CCD provides a deduction for the employer’s contribution to the Pension scheme up to 10%. Under Budget 2024 the deduction limit is increased to 14% of the salary of the employee during the previous year.
Capital Gains:
The tax on long-term capital gains on other financial and non-financial assets is reduced from 20% to 12.5%.!! A major point to note here is that indexation benefit that was available previously on sale of long-term assets, has now been done away with
36-month holding period which was required for long – term asset classification has been removed.
There will only be two holding periods: 12 months and 24 months.
The holding period for all listed securities is 12 months. All listed securities with a holding period exceeding 12 months are considered Long-Term. The holding period for all other assets is 24 months.