{"id":14460,"date":"2021-03-11T10:08:32","date_gmt":"2021-03-11T10:08:32","guid":{"rendered":"https:\/\/tata-blog.osian.dev\/blog\/?p=14460"},"modified":"2021-03-11T10:09:12","modified_gmt":"2021-03-11T10:09:12","slug":"a-closer-look-at-tax-for-senior-citizens","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/wealth-services\/a-closer-look-at-tax-for-senior-citizens\/","title":{"rendered":"A closer look at Tax for Senior Citizens"},"content":{"rendered":"\n

The history of India can be originated from socially enhanced foundations where senior citizens are offered appreciation and love.<\/p>\n\n\n\n

The government works to ensure the way of life and virtues remain flawless, and offer extraordinary taxation benefits to our elderly. The thought is to alleviate the elderly from financial strain especially at this stage of life.<\/p>\n\n\n\n

If you\u2019re elderly, or you as a senior citizen are arranging your assets, it is pivotal to think about the taxation reductions and benefits they can avail.<\/p>\n\n\n\n

Budget announcements for senior citizens<\/strong><\/h2>\n\n\n\n

Among a few key declarations made by Union Finance Minister Nirmala Sitharaman in the Union Budget announced on February 1st, 2021, senior residents over 75 years with just pension pay have now been excluded from filing the Income Tax returns.<\/p>\n\n\n\n

To diminish cases of taxation badgering of senior citizens, Indian government has additionally reported lessening the time period for reopening of income tax evaluation cases from 6 years to 3 years. For resuming genuine tax, avoidance cases as long as 10 years, the public authority has placed in a financial restriction of cases including over Rs 50 lakh in a year.<\/p>\n\n\n\n

Here are the main allowances, advantages, and taxation benefits for senior citizens which may bring about an ease in financial duties regarding seniors(aged above 59 upto 79) and super senior citizens(ages 80 and above).<\/p>\n\n\n\n

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1. Standard Deductions from Pension Income<\/strong><\/h2>\n\n\n\n

Senior residents are permitted a standard deduction of \u20b950,000 by virtue on their pension income.<\/p>\n\n\n\n

2. No taxation under Reverse Mortgage Scheme<\/strong><\/h2>\n\n\n\n

A senior resident may reverse mortgage their conveniences or accommodations to create monthly income. The ownership for the property remains in the hands of the senior and they are given regular scheduled installments in the form of income. The sum paid in installments to the senior citizen is excluded from any taxation.<\/p>\n\n\n\n

3. Medical Insurance Advantages<\/strong><\/h2>\n\n\n\n

Section 80D states that:<\/p>\n\n\n\n