Govt may hike IT exemption limit to Rs 5 lakh: Sources

The government is also considering raising the tax exemption limit on home loans and health insurance premium.

Updated: Jun 14, 2014, 08:49 AM IST

Zee Media Bureau

New Delhi: The Narendra Modi led-BJP government is set to make various changes in the economic policies of the country.

The Income Tax exemption limit may be increase from Rs 2 lakh to Rs 5 lakh by government in the forthcoming Union Budget 2014-2015, if sources are to be believed.

If implemented, this could be a major and a historic tax reform which would be welcomed by the people with open arms.

The government is also considering raising the tax exemption limit on home loans and health insurance premium.