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Anil Rego |340 Answers |Ask -Follow

Financial Planner - Answered on Feb 10, 2023

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more

Question by R on Feb 05, 2023Hindi

Money

I am 83 years old. My pension and FD interest is Rs.11 lacs per annum How my tax will ne calculated in two methods? ( I have Sec 80C investment Rs,1,5 lacs , Sec.80 TTB Rs.50000 ,Std deduction in pesion Rs.50000)

Ans: The old regime will be better for you, also considering the super senior tax slabs under the old tax regime.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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I am recently retired after 60 years of age. Please inform how much I have to pay tax on the following: 1. I invested Rs 45 lakhs in FD and am earning interest of approximately Rs 25,000 per month. 2. I have nominal pension of Rs 2,090 per month. So, how much tax is applicable to me as a senior citizen? Please clarify.

Ans: For a senior citizen, income upto Rs 3 lakhs is not taxable. In this case, your annual income would be Rs 3.25 lakhs.

So Rs 25,0000 over the exemption limit would be taxed at 5 per cent.

If you don't have any investments to claim deductions, then you would be liable to pay tax of Rs 1,254 under the old and new tax regime.

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Hi, I am 77 years retired person with no pension. My income is about 7 lacs P/A from house rent and approximately 1.5 lacs P/A from Bnk FD's interest. What will be my tax liability?

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I am pension er 75year old my income from all sources is 7.5 lac and savings under 80c is 1.5lac which resime I should opt how much will my tax liablity

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Very educative site! With an pension income of 18 L, rental of 2 L, and dividends of about 5.5 L and FDs about 2 L Totalling 27.5L Which tax regime is better for me- ? I invest 1.5 L under 80cc and deduct 1.25 L as a medical benefit 2: Will it make any difference if I file as an NRI ? Thanks!

Ans: Person (not a senior citizen) earning Rs.27.5 lacs as income will get benefit of new tax regime lower slab rate (irrespective of residential status) and more beneficial to person as compare to old tax regime as tax benefit of Rs.2.75 lacs is availed and not all the tax benefits are not availed.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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