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Vivek Lala | Answer |Ask -Follow

Tax, MF Expert - Answered on Mar 11, 2023

Vivek Lala has been working as a tax planner since 2018. His expertise lies in making personalised tax budgets and tax forecasts for individuals. As a tax advisor, he takes pride in simplifying tax complications for his clients using simple, easy-to-understand language.
Lala cleared his chartered accountancy exam in 2018 and completed his articleship with Chaturvedi and Shah. ... more

Question by VA on Feb 24, 2023Hindi

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I have completed 60 yrs of age a few days back in this month only. So shall I be treated as Senior Citizen for filling my IT return for this year ( i.e. FY 2022-23) and can I avail the 80 TTB limit of Rs. 50000 & 80 D benefit of Rs. 50000 ?

Ans: The age of an individual is calculated from 01 April of the financial year. Hence you will not be treated as a senior citizen.

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 turning 60 on 19th April 2023. When I file my ITR in JULY 23, will I be treated as Senior citizen?

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I have 2 questions. a) I have attained 60 yrs of age in Feb'23, so shall I be considered as Senior Citizen when filing return for FY 2022-23 and can avail all benefits of Senior Citizen ? b) I am having single Health Insurance Policy of single premium of more than Rs 50000/- for me and my 54 yrs old wife paid by me, so can I avail Rs 50000/- claim under Section 80D for Senior citizen. An early reply will be highly appreciated.......VK

Ans: Individual, being resident of India, who is of the age of 60 years or more but less than 80 years at any time during the year, is considered as senior citizen. Thus, you will be considered as Senior Citizen for FY 2022-23.

With reference to mediclaim, nothing is specified for family floter policy in which one person is senior citizen and other one is non-senior citizen. However, logically, in such policies share of senior citizen is higher and accordingly, deduction of Rs.50,000 can be claimed

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Hi, I have completed 60 year of my age in last July, do I get any special discount in ITR in forthcoming filings. Thanks

Ans: Since you became senior citizen your income tax slabs undergo changes and you can enjoy enhanced taxation limit.

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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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