my mom is super senior citizen(85 year age) she dont file itr but there is maturity of 10 lakh kvp in 2024 in her name. does she has to pay tax and file itr . how much tax she has to pay. there is no other income for her.
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Kvp maturity
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As a super senior citizen (above 80 years), your mom is eligible for some tax benefits. Taxation of KVP Maturity Amount The maturity amount of ₹10 lakhs from the Kisan Vikas Patra (KVP) is considered taxable income. However, since your mom is a super senior citizen, she is exempt from paying tax on this income if it's her only source of income.
Exemption under Section 87A Super senior citizens are exempt from paying tax up to a certain limit, which is ₹5 lakhs for FY 2023-24. Since your mom's income from the KVP maturity is ₹10 lakhs, she will have to pay tax on the amount exceeding ₹5 lakhs.
Tax Calculation Assuming your mom has no other income, her tax liability would be: Taxable Income: ₹10 lakhs - ₹5 lakhs = ₹5 lakhs Tax Rate: 20% (as per the tax slab for super senior citizens) Tax Liability: ₹5 lakhs x 20% = ₹1 lakh Filing ITR Although your mom is not required to file an ITR if her income is below the exemption limit, it's recommended that she files an ITR to report the KVP maturity income and claim the exemption.
You can file an ITR-1 (Sahaj) on her behalf, which is a simplified form for individuals with income from sources like KVP.
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