Budget Wish list-2009

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Krishnamoorthy S

Budget Wish List-2009

S.Krishnamoorthy, EN-8, MRPL Colony, Bala Post, Mangalore-575030.

Tel: 0824-2279812

Email id: amavasai_krish@yahoo.co.in, krishnas@mrplindia.com

Deignation: Sr. Mgr in ONGC-MRPL, Mangalore.

Age:57

Income: Taxable income crossed 10 lac in the last 2-3 yrs.

· Zero tax up to 5 lac (ie:40000-pm-8000/rent, 10000/living,15000/emi,7000/edu+savings. This covers all housing exemptions required for lower slab without much paperwork.

· Tax the rich / for 10-15 lac add 2% to max slab / 16-20 add 3% / 21-30 add 4% and aim progressive taxation. (Eliminate surcharge above 10 lac)

· No exemptions especially in housing for 2^nd house and those in richer brackets by salary as they add to the inflating cost in realty. This will really making housing affordable for middle class and below.

· For sure don't treat all above max slab with unique rate.

· Extract black money thru new PSU IPOs (not listed so far), don't ask for source, extract penalty thru premiums and lock-ins. I am sure tons of parallel economy will come down.

· Encourage investment in housing by reducing Registration costs to 2% and cutting service tax for builders to min, say 2%. This encourages resale of property which adds to Govt kitty and will cover primary losses in long run.