Individual taxpayers having annual income upto Rs 5 lakhs will get full tax rebate and individuals with gross income up to Rs 6.5 lakh will not need to pay any tax if they make investments in provident funds and prescribed equities.

Live blog Budget 2019 Tax on self-occupied 2nd home standard deduction raised to Rs 50000
news Budget 2019 Friday, February 01, 2019 - 10:08

The Union Budget 2019 is the final budget of the outgoing Narendra Modi-led government’s five-year term. With the general elections two months away, Finance Minister Piyush Goyal announced the interim budget and the Railway budget, highlighting the NDA government’s expenditure of the previous year and the next financial year.

Finance Minister Piyush Goyal on Friday showered tax sops for the middle class and salaried taxpayers including by doubling the exemption limit to Rs 5 lakh and announced an annual income support of Rs 6,000 for small farmers and contributory pension for labourers in the demonetization-hit unorganized sector. 

Taking the place of an ailing Arun Jaitley, in his 100-minute speech, Goyal also announced raising the Standard Deduction for the salaried class and pensioners from Rs 40,000 to Rs 50,000 and proposed exemption from tax on notional rent on second self-occupied home. This would help families maintaining homes at two locations due to their jobs. 

Here are the key updates of Piyush Goyal's budget speech:

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