Interim Budget 2019 has come to an end! Here are the key highlights of the Budget 2019:
Income from Salary
Standard Deduction for the salaried individuals has been increased to Rs 50,000 from the previous Rs 40,000 (Section 16(ia))
Income from House Property
There will be no tax on Notional Rent of second Self-Occupied House under the head - 'Income from House property', i.e two house properties can now be considered while calculating the income from house property. (Section 23(4))
Income from Capital Gains
Section 54 exemption is available on the second house property, provided the capital gains is up to Rs. 2 crores. This benefit can be availed only once in a lifetime
Others
The limit for Tax rebate under section 87A increased from Rs. 3,50,000 to Rs. 5,00,000 for the individual taxpayers
TDS limit hiked from Rs 10,000 to Rs 40,000 on Post Office Savings and Bank
Deposits (Section 194A)TDS limit for rent from properties has been increased to Rs. 2,40,000 from Rs. 1,80,0000 (Section 194I)
Income from Salary
Standard Deduction for the salaried individuals has been increased to Rs 50,000 from the previous Rs 40,000 (Section 16(ia))
Income from House Property
There will be no tax on Notional Rent of second Self-Occupied House under the head - 'Income from House property', i.e two house properties can now be considered while calculating the income from house property. (Section 23(4))
Income from Capital Gains
Section 54 exemption is available on the second house property, provided the capital gains is up to Rs. 2 crores. This benefit can be availed only once in a lifetime
Others
The limit for Tax rebate under section 87A increased from Rs. 3,50,000 to Rs. 5,00,000 for the individual taxpayers
TDS limit hiked from Rs 10,000 to Rs 40,000 on Post Office Savings and Bank
Deposits (Section 194A)TDS limit for rent from properties has been increased to Rs. 2,40,000 from Rs. 1,80,0000 (Section 194I)
