As per current tax laws, for properties rented out, a borrower could deduct the entire interest paid on home loan after adjusting for the rental income.
There are many exemptions available in the Income Tax Act, which can substantially reduce your tax liability.
National Pension Scheme has been given a boost in the Budget with Finance Minister Arun Jaitley offering income tax sops on early withdrawal.
The concept of marginal relief is designed to provide some relief in levy of surcharge to a taxpayer.
Bringing some cheers to the individual tax payers, Finance Minister Arun Jaitley halved the income tax rate to 5 per cent for individuals having taxable income between Rs 2.5-Rs 5 lakh compared to 10 per cent earlier.
If RBI cuts its repo rate by 25 basis points to 6 per cent, it will be the lowest since November 2010.
Analysts have welcomed the move but say that such a step will face a lot of challenges, particularly on the execution front.
Finance Minister Arun Jaitley in his Budget for 2017-18 last week, proposed to "create an integrated public sector 'oil major' which will be able to match the performance of international and domestic private sector oil and gas companies."
Using Big Data analytics, the Income Tax Department has segregated different kinds of deposits and large ones like more than Rs 1 crore that do not match with income tax returns filed in previous years will be taken for "layer enforcement".
At a panel discussion on Union Budget-2017, Mr Rangarajan also said that though the adverse impact of demonetisation will wear off as the currency availability improves, some affects will not go away even as sectors like real estate will have to rethink their business models.
The amendments will be applicable from next financial year, which starts on April 1, 2017 (assessment year 2018-19).
In last week's Union Budget, Finance Minister Arun Jaitley set a Rs 72,500 crore target for divestment in the 12 months from April 1, up from a revised Rs 45,500 crore goal in the current fiscal year.
Nomura expects both growth and inflation to accelerate, keeping the RBI on hold throughout 2017.
Mr Meghwal said the digital transition and GST, which the government aims to roll out by July 1, would take the country to new economic heights.
The government's move to demonetise high-value currency notes in November last year has given a massive push towards adoption of digital payment methods.
Individuals will be now required to deduct 5 per cent TDS or tax deducted at source for rental payments above Rs. 50,000 per month.
The Revenue Secretary said the Budget proposes to levy penalty on a person who receives Rs 3 lakh and above.
Finance Minister Arun Jaitley in his Budget for financial year 2017-18 announced abolishing FIPB saying 90 per cent of the foreign investment approvals are via the automatic route and only 10 per cent go to the Board.