Budget blow to HNIs claiming huge deductions for expensive houses

New Delhi, Feb 1 For better targeting of tax concessions and exemptions, Finance Minister Nirmala Sitharaman capped deduction from capital gains on investment in residential houses under sections 54 and 54F to Rs 10 crore.

Another proposal with similar intent is to limit income tax exemption from proceeds of insurance policies with very high value, she said.

Vishal Yeole, Vice President, Business Advisory Services, Waterfield Advisors said the Budget has proposed to limit the maximum deduction under Section 54 and Section 54F to Rs 10 crore.

Till now, there was no such limit and typically, high-net-worth individuals

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