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Budget Highlights: Jaitley raises tax rebate

India Blooms News Service | | Feb 29, 2016, at 06:18 pm

#Ceiling of tax rebate for tax payers with up to Rs 5 lakh annual income is being raised to Rs 5000 from Rs 2000 # said the Finance Minister. He also gave relief to those who stay in rented houses. He said tax rebate on rent is up from Rs. 24 #000 to Rs. 6

New Delhi, Feb 29 (IBNS) Union Finance Minister Arun Jaitley on Monday presenting the Union Budget 2016 said the ceiling for tax rebate is up by Rs 3000/-.

Ceiling of tax rebate for tax payers with up to Rs 5 lakh annual income is being raised to Rs 5000 from Rs 2000, said the Finance Minister.

He also gave relief to those who stay in rented houses.

He said tax rebate on rent is up from Rs. 24,000 to Rs. 60,000 per annum.

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