Details about the basic exemption limit in tax for the budget of 2015

Q: Hello guys, in the budget for 2015, I have heard that the basic exemption in the tax has been hiked? Is it true for the tax payers in Hyderabad as well?

Medha Mammidipuddi, Hyderabad

9th January 2015

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Replies (9)

Basically the people who are earning in the bracket of 4 lakhs per annum to 9 lakhs per annum are saving up to 20,000 rupees on the tax. These people are the one who have been the most benefited. The people who are earning more than 9 lakhs per annum are in a tough stop right now due to this decision.

Sanjay Naidu, Hyderabad

15th January 2015

Comment

Actually, the some experts claim that the next budget for the next year will be more beneficial for the public. as of now, the basic exempemption is 2.5 lakhs and they claim that it can be be exempted to as much as 3 lakhs.

Radha Reddy, Hyderabad

14th January 2015

Comment

The budget also clarified that the tax benefits on the purchase of a house with the sale proceeds of another property will be available only if the second property is in India. This loophole has been exploited to claim tax benefits even on property purchased abroad.

Lata Rao, Hyderabad

13th January 2015

Comment

there was no clarity on the amount of tax deduction on reinvestment in capital gains bonds when a house was sold in the second half of the year. Many taxpayers claimed a deduction of Rs 1 crore by splitting the investment over two financial years. It has now been clarified that the total deduction cannot exceed Rs 50 lakh.

Shilpa Vydyula, Hyderabad

12th January 2015

Comment

The deduction for long-term capital gains from the sale of property can be availed if the gains are invested in capital gains bonds in six months from the date of sale of the house. This investment cannot exceed Rs 50 lakh in one financial year.

Apsara Ivaturi, Hyderabad

12th January 2015

Comment

To be fair, these changes brought cheer to taxpayers reeling under runaway inflation and high interest rates. And also after the burification of the state, this is a good decision as the public will profit with ths decision.

Raghav Karra, Hyderabad

11th January 2015

Comment

Helo, the budget did not actually give a lot of clarification about the property tax in some cases. the changes in the tax rules for non-equity funds was a damper. The budget increased the minimum holding period for non-equity funds from one year to three years if they were to be treated as long-term assets. The option of paying 10% flat tax on long-term capital gains was also taken away. The tax is now fixed at 20% with indexation.

Siddarth Mamanthur, Hyderabad

11th January 2015

Comment

With this decision, the people who will benefit the most are the small tax payers and the average income earners, but the people who who are in teh bracket of the high net worth investors, they will be effected a lot as they have to shell a lot of money out.

Ashwin Aysola, Hyderabad

10th January 2015

Comment

Hey, yes this is true. The basic exemption for the tax has been hiked and this applies to the tax The budget hiked the basic exemption to Rs 2.5 lakh, and increased the annual saving limit under Sec 80C to Rs 1.5 lakh. The basic exemption for senior citizens was hiked to Rs Rs 3 lakh.

Kamat Reddy, Hyderabad

9th January 2015

Comment