Can you Please Provide me the Impact of 2007-2008 Union Budget for salaried individual tax payers?

Also Please inform the exemptions in detail & in case I purchase land for house construction, will I be able to claim interest paid to bank as exemption? Please reply in detail

Your question needs to be rephrased.
Union Budget 2008 relates to various proposal placed for approval and will become effective from that date which will be applicable for Fn Year 2008.09.
Salaried Individual Tax payers for Fn. Year 2007.08 which closed on 31st March 2008 are governed by Union Budget of 2007 passed with ammendments - the details of which are available on web site - incometaxindia.com.
Yes you are entitled to claim interest paid to Bank as exemption provided you complete the project. Mere buying the land and not constructing the house will not be eligible.
Taxation guidelines are very clear in this respects and needs be consult a CA of your choice who will enlighten you into all your apprehensions.

there is no change re exemption on home loan interest , it is the same as lasdt year ( maximum 1,50,000 ) and yes, u can claim it as u were doing it earlier. aprt from that in the budget the expemtion limit for income has been raised to 1,50,000 from 1,10,000 and tax rates have also come down. go to the site www.minfin.nic.in, take a print out of the budget and study it fully.

you may download free calculator which tell you the benefit from budget to individual free from following link

http://simpletaxindia.blogspot.com/2008/...

secondly the interest claim is available for completed house and not for land purchase.