Quick Summary
As Finance Minister Nirmala Sitharaman prepares to present the Union Budget 2024-25 on July 23, senior citizens are keenly anticipating several potential announcements that could significantly impact their financial well-being. According to a report, there are three key measures expected to be introduced in favor of senior citizens: 1. Increase in Long-Term Capital Gains Tax Exemption One of the major highlights anticipated is an increase in the long-term capital gains (LTCG) tax exemption l
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
3 Months PLAN
999
(Excl. of GST ₹179)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
The government is considering raising the LTCG tax exemption limit for senior citizens from the current ₹1 lakh to at least ₹2 lakh.
Yes, a tax deduction on house rent is expected to be introduced for elderly individuals who do not receive regular pensions.
The current deduction limit of ₹50,000 for health insurance premiums for senior citizens could be raised to at least ₹1 lakh.
The Union Budget 2024-25 is scheduled to be presented on July 23.
Senior citizens could benefit from greater tax relief on investments, improved housing stability through rent deductions, and better access to healthcare due to enhanced insurance premium deductions.
CAclubindia
