Union Budget 2019: FM may announce big tax relief on home insurance

New Delhi: In what can bring cheers to lakhs of homebuyers in the country, Union Finance and Corporate Affairs minister Nirmala Sitharaman may announce big relief on tax on home insurance.

Sitharaman has started her Pre-Budget Consultations with different stakeholder Groups in connection with the forthcoming General Budget 2019-20. The insurance companies are believed to have submitted their suggestion to the finance minister regarding concession or relief in home insurance tax, industry sources told Zee Media.

Sources further said that relief may be given in income tax to home buyers who take housing insurance. Such rebate or concession may be given to those in the affordable housing sector.

The finance minister last week expressed her gratitude to those who shared ideas on the Union Budget 2019. "Grateful for every thought/idea that’s being shared by scholars, economists and enthusiasts through print, electronic, and on social media. I read many of them; also, my team carefully collates them for me. Value every bit. Thanks. Please keep them coming," Sitharaman had tweeted.

Grateful for every thought/idea that’s being shared by scholars, economists and enthusiasts through print, electronic, and on social media. I read many of them; also, my team carefully collates them for me. Value every bit. Thanks. Please keep them coming. #Budget2019 — Nirmala Sitharaman (@nsitharaman) June 6, 2019

Sitharaman, who is the first full-time woman finance minister, will be presenting the budget for 2019-20 on July 5. The first session of the newly elected 17th Lok Sabha will be held from June 17 to July 26. The Economic Survey for 2019-20 will be tabled on July 4 followed by the presentation of the budget on the next day.

Sitharaman's budget team comprises Minister of State for Finance Anurag Singh Thakur and Chief Economic Advisor Krishnamurthy Subramanian.

The official team is led by Finance Secretary Subhash Chandra Garg, Expenditure Secretary Girish Chandra Murmu, Revenue Secretary Ajay Bhushan Pandey, DIPAM Secretary Atanu Chakraborty, and Financial Services Secretary Rajiv Kumar.