01 February,2019 08:56 PM IST | | mid-day online correspondent
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Acting Finance Minister Piyush Goyal doled out tax sops to the middle class on Friday, which includes doubling of income tax exemption limit to Rs 5 lakh.
The key highlights of income tax proposals in Union Budget 2018-2019 are:
The Budget also proposed to exempt tax on notional rent for unsold housing units for two years.
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Goyal also proposed that benefit of rollover of capital tax gains be increased from investment in one residential house to that in two residential houses, for a taxpayer having capital gains of up to Rs 2 crore.
However, it can be exercised once in a lifetime, he added. The Income Tax department will move towards faceless assessment and verification of returns, Goyal said on Friday.
(with inputs from PTI)
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