1. No tax on income up to ₹500,000. The benefit will be available through rebates. The
current limit for zero tax is ₹250,000.
2. No tax deduction at source (TDS) on interest
received from banks and post office deposits for up to ₹40,000, increased from ₹10,000.
3. No TDS on house rent up to ₹240,000 a year, raised from ₹180,000 earlier.
4. Standard deduction from income increased to ₹50,000 from ₹40,000 a year.
5. If you own two self-occupied properties, there
will be no 'notional rent' on both properties.
6. Exemption from Capital Gain on sale of
residential house under Section 54 has been extended to purchase of 2 residential
house subject to maximum capital gain of ₹20 million.
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