Chandrababu laments on the allocations made for the State in the Union Budget 2017

Wednesday, February 1, 2017

In the Union Budget -2017 presented by the Union Finance Minister Arun Jaitely, the following are the allocations made to the State.The highlights of the speech can be had Union Budget -2017-2018 : Live updates.

Chief Minister Nara Chandrababu Naidu lamented on the inadequate allocations made to the State in the Union Budget-2017. However, he said that the Budget is a balanced one with focus on rural development and agricultural development.

The Finance made the following allocations in education institutions in the State.

  • Rs.10 crore for Central University
  • Rs.50 crore for IIT
  • Rs.40 crore IIM
  • Rs.10 crore for NIT
  • Rs.50 crore for IISRE
  • Rs.30 crore for IIIT

The capital tax gains will be exempted on those who were the owners of such land as on June 2, 2014, the date on which the state of Andhra Pradesh was reorganized, and whose land is being pooled for creation of the capital city under the government scheme, he said. A new clause (37A) in section 10 of the Andhra Pradesh Capital Region Act will be inserted to ensure capital gains arising from transfer of land are not charged. The exemption will also be applicable to sale of Land Pooling Ownership Certificates (LPOCs) in lieu of land transferred under the scheme as well as sale of reconstituted plot or land within two years from the end of financial year in which the possession of such plot or land was handed over. As per the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2014, the specified compensation received by the landowner in lieu of acquisition of land is exempt from income tax.

YSRCP MPs stages walkout:: The YSRCP MPs have staged a walkout from Lok Sabha on Wednesday protesting against ignoring the demand for special category state status to Andhra Pradesh and the demand for special railway zone to Visakhapatnam. Party Parliamentary Party leader Mekapati Rajamohan Reddy expressed their dissent over the Union Budget completely ignoring the interests of Andhra Pradesh.Later talking to mediapersons outside Parliament, party MP Vijaysai Reddy said the Central Government had completely ignored the aspirations of the Telugus. He said waiving of capital gains tax on AP capital area farmers will not benefit the farmers in any way.

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