2778735 - Union Budget changes 2019-2020 FAQs

• Section 80TTA TDS limit has been changed.
• Tax exemption on Long Term Capital Gains (LTCG) from sale of residential house has been extended to re-investment in two house properties in India (once in lifetime), subject to LTCG being below INR 2 crores.
• No notional rent required to be offered on second Self-Occupied Property (SOP).  Earlier more than one SOP was considered as deemed let out and notional rent was to be offered to tax.
• Amendment of Section 24 which deals with interest on housing loan has been amended to include two residential houses for interest paid with the total limit of deduction remaining INR 200,000.

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