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Nirmala Sitharaman, who is the first full-time woman finance minister, will be presenting the budget for 2019-20 on July 5.
Union Finance and Corporate Affairs minister Nirmala Sitharaman may announce big relief on tax on home insurance in the Union Budget 2019 that is scheduled to be announced later this week.
The Finance Minister may offer relief in income tax related to home insurance premium, sources told Zee Media. The rebate can be either incorporated by extending the scope of section 80D or there can be an announcement on a separate section related to insurance rebate that includes home, health and life insurance; sources added.
Government may also contemplate on insurance relief in the affordable housing sector. This will also benefit several general insurance companies like ICICI Lombard, New India Assurance and GICRE who are pushing hard to create a bigger market place for themselves in the home insurance sector, sources said.