UNION BUDGET 2014 UPDATES

SMS VARANASI

DIRECT TAXES

  • Income tax exemption limit increased from 2 to 2.5 lakhs for age less than 60 yrs and for senior citizen from 2.5 to 3 lakhs.
  • Standard deduction limit u/s 80C raised from 1 to 1.5 lakhs.
  • Interest on housing loan for self occupied property from 1.5 to 2 lakhs.
  • Long term Capital gain on sale of debt mutual fund  increased up to 20%. Holding period for long term capital gain for mutual funds &shares increased from 12 to 36 months.

SMS VARANASI

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