New Delhi, Jan 28 : The Bharatiya Janata Party (BJP) has asked for increase in income tax exemption limit to Rupees 1.5 lakh in the upcoming Union budget.

Speaking at the three-day national council meet in New Delhi, BJP party president Rajnath Singh, said “The income tax exemption limit should be raised to Rs 1.5 lakh to provide relief to tax-payers.”

He also wanted reduction in interest rate on housing, education and agriculture loans.

The BJP has expressed concern over rising property rates and has demanded the setting up of a “real estate authority’.

"Housing is a basic human need. This sector cannot be left unregulated or uncontrolled. To bring about healthy competition in this sector and to ensure that the common man is assured availability of a house, the BJP is demanding the setting up of a `real estate regulatory authority," Singh said.

BJP also expressed concerns over the instability of the stock market.

BJP’s three-day national council meet is going on in New Delhi.

Earlier, Singh has said that the UPA Government has not been successful in solving farmers’ suicides across the country and the number of deaths has increased despite an announcement of relief package by Prime Minister Dr. Manmohan Singh.

Singh had also demanded the government to call for a special session of Parliament to discuss the issues of farmers and landless labourers. (ANI)