Finance Minister Arun Jaitley offered tax payers a gift by lowering the income tax brackets in the Union Budget 2017. Budget 2017 brings dream homes within reach of young professionalsHouse Rest Allowance, which usually is a part of the salary package, is not entirely taxable like the basic salary. According to this new section, those who claim HRA of more than Rs 50,000 per month will have to deduct tax at source (TDS) at the rate of five per cent. Jaitley had increased the tax deduction limit to Rs 60,000 per annum from Rs 24,000 on housing rent in last Budget. WATCH: Strengths and weaknesses of Union Budget 2017ALSO READ:Union Budget 2017: Arun Jaitley gifts you an increment of Rs 12,500Union Budget 2017: Witty one-liners from experts and responses from politicians

Source: India Today February 02, 2017 09:57 UTC