Budget 2016-17 : No Change in Income Tax Slabs, Rent Relief Increased to Rs 60k


New Delhi: While rolling out no change in personal Income Tax chunks in the Union Budget 2016-17, Finance Minister Arun Jaitley on Monday declared derivation for extra interest of Rs 50,000 per annum for loans up to Rs 35 lakh endorsed in 2016-17 for first time home purchasers, where house costs does not surpass Rs 50 lakh.

Jaitley also proposed to increase the limit of deduction of rent paid from Rs 24,000 per annum to Rs 60,000 spelling respite to those who don’t own any house and live in rented accommodation.

For those earning less than Rs 5 lakh per annum, FM announced to raise the ceiling of tax rebate from Rs 2000 to Rs 5000 giving an additional relief of Rs 3000 in their tax liability.

Stay tuned as we bring you live updates from the Budget.