The government on Monday proposed to raise the HRA deduction under section 80 GG to Rs 60,000 per annum from the current Rs 24,000 per annum limit.
The step is a relief to house rent payers in the country.
WATCH VIDEO:FM Arun Jaitley reads Budget document
Elegibility for HRA deduction will now stand as below.
HIGHLIGHTS:Union Budget 2016
1) Rent paid minus 10 percent the adjusted total income.2) Rs 5,000 per month from the earlier Rs 2,000 per month.3) 25 percent of the adjusted total income.
FULL COVERAGE:Union Budget 2016