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Centre may hike Tax exemption limit Rs 5 lakh

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In what could probably become one of the landmark reforms by the Narendra Modi government, sources tell CNN-IBN that the Centre is likely to increase the Income Tax slab limit for exemption from Rs 2 lakh to Rs 5 lakh.

The Finance Ministry has also sought a report on the same from the I-T department, say sources.

Sources further said that the government is also considering raising the tax exemption limit on home loans and health insurance premium.