Budget 2026: Middle Class Eyes ₹1 Lakh Standard Deduction, Home Loan Relief
Budget
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Moneycontrol•25-01-2026, 16:03
Budget 2026: Middle Class Eyes ₹1 Lakh Standard Deduction, Home Loan Relief
- •Finance Minister Nirmala Sitharaman to present her ninth consecutive budget on February 1, with high expectations from the Modi 3.0 government's third full budget.
- •Key demands include increasing standard deduction from ₹75,000 to ₹1 lakh and raising Section 87A tax rebate limit from ₹12 lakh to ₹15 lakh.
- •Homebuyers seek an increase in home loan interest exemption from ₹2 lakh to ₹5 lakh; senior citizens hope for higher bank interest exemption (80TTB) to ₹1 lakh.
- •The 'Income Tax Bill 2025' aims to replace a 60-year-old law, introducing a 'Tax Year' concept from April 1, 2026, to simplify tax filing.
- •Investors expect simplified LTCG rules and a 'digital-first' approach for faster refunds and reduced errors in faceless assessments.
Why It Matters: Budget 2026 is anticipated to bring significant tax relief and simplification for the middle class and taxpayers.
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