Deduction around Part 80GGC

If the senior citizens or awesome seniors contribute money so you’re able to a political party or an enthusiastic electoral faith, this new contribution might possibly be anticipate since the an effective deduction around Area 80GGC.

Deduction around Point 80RRB

In the event that a citizen senior otherwise awesome senior citizen keeps a beneficial joined patent and you will brings in royalty revenues on such as for instance patents, the fresh royalty acquired try welcome as the a good deduction regarding taxable money. Just as much royalty that will getting invited as the an effective deduction would-be simply for INR 3 lakhs. Furthermore, in order to allege the newest deduction, next conditions should be fulfilled from the senior citizen otherwise super senior –

• He/she shall be an enthusiastic Indian resident
• He or she need to have inserted the newest patent toward otherwise just after initial underneath the Patents Act 1970
• To allege this new deduction the brand new senior citizen otherwise extremely senior would have to fill in a certificate(Form-10CCE) on taxation authorities additionally the certification shall be closed from the the new prescribed authorities
• This new senior citizen otherwise very senior citizen ought to be the patentee

Deduction below Point 80TTB

In the event the resident senior citizen otherwise very senior citizen made places in a lender or post-office, the attention generated towards eg deposits, including focus from checking account, fixed put schemes and you may post office deposit strategies will be greet as good deduction in the hands of one’s senior citizen. Deduction into the desire money gained could be limited by INR fifty,000.

Deduction significantly less than Section 80U

The deduction below Section 80U exists so you’re able to resident meninas sexy mexicano older persons or super senior citizens who suffer regarding a handicap or intellectual retardation. So it deduction matter is fixed in the INR 75,000 hence expands to help you INR step one.twenty-five lakhs in case the senior citizen otherwise super senior citizen keeps really serious handicaps. (more…)