Budget 2024: 5 Expectations From Senior Citizens

Outlook Money

Mediclaim

Increasing the limit under Section 80D to Rs 1 lakh will help meet the rising healthcare costs faced by senior citizens.

Liquidity

Seniors require more liquidity, so reducing the lock-in periods in tax-saving instruments like FDs and National Savings Certificates (NSC) will provide them with greater financial flexibility.

Income Tax Deductions

Increasing the deductions on interest income under Section 80TTB from Rs 50,000 to Rs 75,000 will benefit senior citizens.

Income Tax Slab

The income tax exemption limits for senior citizens can be revised. The current threshold of Rs 3 lakh is inadequate, given the rising costs of living and healthcare.

Tax-Free Pension

The current taxation policy imposes taxes on all annuities. To address this issue, the upcoming Budget is expected to make pensions tax-free for senior citizens.

Compiled BY Himani Verma

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