New Delhi. Relief news has come out from the Finance Ministry regarding the treatment of Corona. The income tax department has given the first exemption regarding the treatment of corona. Announced income tax exemption on financial help received from employers or any well-wishers for the treatment of corona. This arrangement will be applicable for the financial year 2019-20 i.e. assessment year 2020-21 and subsequent years.
tax exemption on ex-gratia
At the same time, the second exemption has been given to such people, in whose family after the death of someone in the Corona period, it has been decided to exempt tax on the ex-gratia amount received from the employer or well-wishers. Tax exemption has been given on the ex-gratia amount received by the relatives of the deceased. If received from employers, then exemption is available without any upper limit and if received from others, exemption will be available up to Rs.10 lakh. The relaxation has been provided for the financial year 2019-20 and subsequent years.
The Central Board of Direct Taxes (CBDT) said in its statement that many taxpayers have received financial help from their employers and well-wishers to meet their expenses for the treatment of corona virus. In order to ensure that no income tax liability arises on this account, it has been decided to provide income tax exemption on the amount received by the taxpayer for medical treatment from the employer or any person for the treatment of COVID-19 during the financial year 2019. is.
Tax exemption on buying a house
Apart from this, the deadline for payment without interest under the Vivad Se Vishwas scheme has also been extended by 2 months. Its deadline was June 30, which has been extended to August 31. At the same time, the period of tax exemption has also been extended on buying a house. Tax deduction extension of 3 months has been given in this case. That is, now home buyers can buy property till September 30. They will get a discount.