The interim Finance Minister Piyush Goyal presented the budget for the year 2019, in the Lok Sabha today. Most experts are calling it "a budget with an eye on the 2019 general elections". Here are some highlights of the highly anticipated budget.

A bounty for taxpayers

• Taxpayers will now enjoy a full income tax exemption for income up to ₹ 5 Lacs. Individuals, who have a gross income of up to 6.5 lacs, will also be exempted, provided they invest in provident funds and prescribed equities under section 80c.
• The limit of Standard Deduction has now been raised from ₹ 40,000 to ₹ 50,000, resulting in more dispensable income in hands of the homebuyer.
• In the next 2 years, the Income Tax Department aims to verify IT returns electronically and process them in 24 hours, reducing interface with the taxpayer.
• Adjusting capital gains with new property investments has been relaxed to up to two units of residence compared to one until now, in order to boost asset-creation amongst the middle-class and the realty sales.

Where the housing sector stands

• A panel of ministers will be put together to review and reduce the GST levied on real estate.
• The Press Trust of India recently reported that the GST Council is considering to slash the GST rates from 12% to 5% on structures that are under construction.
• The finance minister proposed to exempt the levy of income tax on notional rent on an individual's second self-occupied property.
• In a bid to boost the growth of the affordable housing sector, the finance minister has proposed to extend the benefits of 80i(BA), which means that 100% of the profits made from the development of affordable housing will continue to remain untaxed.