Property Tax Deduction Limit 2025. However, if asset is acquired and put to use for less than 180 days during the previous year, the deduction shall be restricted to 50% of depreciation computed above. $13.99 million individual lifetime exemption in 2024, inflation indexed $27.98 million for a married.

Finance minister has announced a hike in the standard deduction amount in new tax regime hiked to rs 75000 in budget 2024. Under section 194t, if you receive salary, commission, bonus, or interest.