What are special income tax benefits enjoyed by senior citizens? 

My dear friends this is one question which every senior citizen asks me with a lot of worry

Now

I am telling you here with very simple human words not bookish language so that every 60+ person can understand and save his hard-earned money

This is very important because as per my study after retirement every single rupee matters

So here is the complete solution with mind tricks which I use for my own senior citizen family:

1. Bank Interest par sabse badi chhoot - Section 80TTB

This is made only for senior citizens and I feel This is a blessing

Because

If you are 60 years or above then your Saving Account interest, Fixed Deposit interest, Recurring Deposit interest, Post Office interest all put together up to Rs 50,000 per year is fully tax free

You don't have to pay any tax on this 50,000

Normal people get only Rs 10,000 under 80TTA but

Here I want to say that

senior citizens get Rs 50,000 under 80TTB. This is a big difference

Now u need to understand my
Mind Trick

It means Do not keep all your FD in one bank in one person's name

If husband and wife both are senior citizens then divide the FD - 40 lakhs husband, 40 lakhs wife

Then both can claim 50,000 + 50,000 = 1,00,000 tax free interest

This is a fully legal and very smart way which is researched by me

2. Medical Insurance par discount - Section 80D

This is the second blessing for senior citizens

• If you are a senior citizen and you pay medical insurance premium for yourself and your wife then you can claim up to Rs 50,000 as deduction

As well as

If you are paying insurance for your parents who are also senior citizens then you get extra Rs 50,000

So in total you can claim up to Rs 1,00,000

And if you have no insurance because at 70-75 many companies don't give insurance  then also government says

"your actual medical expenses, doctor fees, medicines bills up to Rs 50,000 can be claimed as deduction"

This is only for senior citizens

Inside this 50,000 you can also include Rs 5,000 for preventive health checkup

Here again I m giving u my another Mind Trick:

It means

"Always pay insurance premium online or by cheque not by cash"

And keep all medical bills safely in one file

At the time of ITR, these bills are gold

3. Badi beemari ke liye discount - Section 80DDB

If a senior citizen has any specified big disease like cancer, kidney failure, Parkinson etc and money is spent on treatment then up to Rs 1,00,000 deduction milta hai

Here I want clarify onething that
For normal person it is only 40,000 but for senior citizen it is 1,00,000

4. Basic exemption limit bhi zyada hai

Senior citizen (60 to 80 years) ko 3 lakh tak koi tax nahi dena padta

Super senior citizen (80+) ko 5 lakh tak koi tax nahi
As per my understanding This is also a big relief

So friends if you plan smartly - 50,000 from 80TTB + 50,000 from 80D + 1,00,000 from 80DDB in case of need  then you can easily save up to 1 lakh to 2 lakh tax every year legally

Now I am writing here my sincere Advice to Senior citizens

"do not hide interest income, Show it honestly and then claim 80TTB And do not fall into any scam where someone says "we will make your FD interest tax free fully"
Only these sections are legal"

I am sharing this not as a tax expert but as your own family member who has dedicated his whole life for the welfare, good health, financial safety and protection from scams for our senior citizens

I clear doubts with true knowledge  not with machine language

I have made some simple resources with respect for our elders for their healthy and tension-free retirement

That is why I suggest to every senior citizen
That

For more information dedicated to the welfare and well-being of senior citizens

visit the official website

*https://sites.google.com/view/acupressure-massage-spa-therap/home*

As well as I would say that it is a unique treasure of invaluable health formulas for senior citizens

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