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Tax exemption, Sec 80C limits, surcharge on HNIs may be hiked in Budget 2018: EY

Tax exemption, Sec 80C limits, surcharge on HNIs may be hiked in Budget 2018: EY

Finance
We expect Budget 2018 to increase the basic tax exemption limit from the current Rs 2.5 lakh to Rs 3 lakh and also the Section 80C investment limit for tax saving from the current Rs 1.5 lakh to Rs 2 lakh, says Sonu Iyer, tax partner and people advisory services leader, EY. Talking to ET online about what she thinks the forthcoming budget would bring in the area of personal taxes, she said that these increases were also warranted to account for inflation. These increases would entail loss of revenue for the exchequer but they were also needed to keep the limits in line with inflation, she explained. Re-introduction of inheritance tax unlikelyCommenting on the current speculation regarding re-introduction of inheritance tax, Iyer said "I don't think it will come in. Wealth tax was a...