The Union Budget is expected to be presented in the third week of this month. Senior citizens have high expectations from this budget. No major announcement was made for them in the interim budget presented on February 1 this year.
Income Tax Budget 2024: Finance Minister Nirmala Sitharaman will present the Union Budget this month. Industries, taxpayers, investors, businesses all have high expectations from this budget. Nirmala Sitharaman did not make any major announcements in the interim budget presented on February 1, 2024. Therefore, it is believed that big announcements can be made in the budget presented in July. Senior citizens also have high expectations from this budget. They believe that rising inflation for some time has increased their difficulties. In such a situation, the Finance Minister can make big announcements for them in the budget.
Capital gains tax exemption limit
Senior citizens i.e. retired people have to depend on their savings and returns on investments. People who do not get pension have to face a lot of problems. For such people, the government can increase the limit of exemption from long term capital gains tax on shares and mutual funds. Currently, the limit for exemption from long term capital gains tax in shares and equity schemes of mutual funds is Rs 1 lakh. This means that if a person earns long term capital gains of up to Rs 1 lakh in a year by investing in shares and equity schemes of mutual funds, then he will not have to pay tax. The government needs to increase this limit to at least Rs 2 lakh for senior citizens.
Benefit of deduction on rent
There are a large number of elderly people who do not have their own house. They live in rented houses. A lot of money is spent on this every month. The government should provide tax deduction on house rent to such elderly people who do not get pension regularly. This will provide relief to a large number of elderly people who do not have pension income. There are a large number of senior citizens in the country who do not have pension income and who live in rented houses.
More tax exemption on health policy
In the last few years, especially after the Covid pandemic, treatment in private hospitals has become very expensive. Many people cannot even think of getting treatment in a private hospital without a health policy. Here, insurance companies have increased the premium of health policy a lot. But, the deduction limit on health policy premium has not increased for the last several years. Currently, the limit for deduction on health policy premium for senior citizens is Rs 50,000. The government needs to increase it to at least Rs 1 lakh.
There are a large number of elderly people who do not have their own house. They live in rented houses. A lot of money is spent on this every month. The government should provide tax deduction on house rent to such elderly people who do not get pension regularly. This will provide relief to a large number of elderly people who do not have pension income. There are a large number of senior citizens in the country who do not have pension income and who live in rented houses.
More tax exemption on health policy
In the last few years, especially after the Covid pandemic, treatment in private hospitals has become very expensive. Many people cannot even think of getting treatment in a private hospital without a health policy. Here, insurance companies have increased the premium of health policy a lot. But, the deduction limit on health policy premium has not increased for the last several years. Currently, the limit for deduction on health policy premium for senior citizens is Rs 50,000. The government needs to increase it to at least Rs 1 lakh.
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