Budget 2024: Days after presenting the Union Budget 2024, Union Finance Minister Nirmala Sitharaman emphasised that taxes have not been hiked with the purpose that the government wants more money but with the motive to ensure all asset classes are treated similarly. “Taxes have not been increased because I want more money… The decision is based on the idea that every asset class has to be treated similarly,” Sitharaman was quoted as saying by CNBC-TV18.

The Finance Minister called the Budget ‘futuristic’ and asserted that the central government will continue its focus on capital expenditure till the time recovery is sustained. She also said that the central government is open to all views on the changes made in the tax regime. However, she clarified that the Finance Bill rests with the Parliament now and "is the property of the House, I can’t comment on it outside.”

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In Budget 2024, Sitharaman made crucial announcements with respect to capital gains tax whereby the rate of tax on long-term capital gains (LTCG) is proposed to be 12.5 per cent for all types of assets, regardless of whether the transferor is a resident or non-resident.

Earlier on Thursday, Sitharaman said that the government made changes in the tax slabs in the Budget 2024 to provide benefits to the middle-class and salaried class of the economy. In an interview with Aaj Tak, Sitharaman also stated that the standard deduction has been increased from Rs 50,000 per annum to Rs 75,000 per annum to extend benefits to the salaried class of the society. 

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In the recently presented Budget, the government has also announced a subsidised education loan of up to Rs 10 lakh and a rebate in affordable housing to help the middle class. 

After tabling her seventh consecutive Budget on Tuesday, Sitharaman also stated that the government wants to benefit the middle class through various schemes. She also added that the government has increased the amount for the Liberalised Remittance Scheme (LRS) for people who want to go abroad.