Free Press Journal

Mumbai on Budget 2018: It’s pro-poor and middle class, says advocate and CA Sanjay Rego

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Mumbai: The Rego family from Bandra has been disappointed with the Union budget announced on Thursday. Speaking to the Free Press Journal, Sanjay Rego said, “This budget is a balancing act by the Finance Minister keeping in mind the coming elections. It is basically an election budget.It is a pro poor and Micro, Small and Medium Enterprises (MSME).”

There have been goodies for senior citizens.The terms of standard deduction,interest on fixed deposits which is now taxable upto Rs 50,000 and the mediclaim benefits. So overall, it is a decent budget for the middle-class and salaried persons.We did not have any major expectations from the budget. There has been no change compared to last year,”said Sanjay.

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“I am a reasonably cautious investor and do not deal in bitcoins or cryptocurrency or any derivative products. I have been investing in long term capital gains since my youth. I am not happy with the tax on Long Term Capital Gains. Initially, it has upsetted the investors to a certain extent but over a period of time, it will gain acceptance. Earlier, the tax was always on short term investments. The move is a cost to the investor without any indexation.It will no doubt hurt anybody and is definitely a setback. One will have to see, how it all pans out over a period of time.In my opinion, the retail investors and people investing in mutual funds have also been hit since earlier the returns that they were getting was tax free,”he added.


Premila said,“It is difficult to comment regarding how the increase in cess on education will be impacting the education of my children. Me and my husband will be planning later regarding how to cope with it.”

“The budget is definitely going to benefit my parents who are senior citizens since there is a deduction in mediclaim. It will be an additional saving for them. But looking at a larger picture,the medical expenses are spiralling. So the benefits for the senior citizens are a drop in the ocean.I am not a fan of imported electronic items. So the increase in prices of electronic goods does not affect me. It remains to be seen how the budget for infrastructure of smart cities will reflect in future,”he added.

THE REGO FAMILY

Sanjay Rego (49),Premila Rego(45) along with their two children Saloni (12) and Sheldon(14) reside at a 2BHK apartment at Bella Rose apartment at Rebello Road behind Mehboob Studio. The average monthly household expenses of the Regos is Rs.50,000 to one lakh. Sanjay is a Chartered Accountant and an advocate having his own independent practice while Premila is a housewife. Their son Sheldon is presentky studying at Maneckji Cooper High School while Saloni is a student of Bai Avabai Framji Petit Girls’ High School.