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Vivek Lala | Answer |Ask -Follow

Tax, MF Expert - Answered on Sep 23, 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 Sathyanarayanan on Jun 28, 2023Hindi

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Is 80c deduction available gor senior citizens invedting in PMVVY Scheme for AY,23-24

Ans: No tax deduction for the same

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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1) Sir, I am a Super Senior citizen 81years aged I have heard that for 2023-24 year for 5 lakhs to 7 lakhs income I T is 20% in excess of net income of 5 lakhs under old tax regime. Is this position correct 2) whether under this scheme deductions such as Std dedcn, 50,000 Disability rebate ,75,000 health ins premium i 20,000 is available . Requet you kindly to clarify @ the earliest

Ans: Dear Mr. Mugalur
The slab rate under the old tax regime for super senior citizen has not been changed and remain at 20% for income in the range of Rs. 5 Lakhs above to Rs. 10 Lakhs.

In case you are opting for the old tax regime all deductions that were available earlier are still available to you but that would not be the case if you opt for the new tax regime, where the deductions stated by you will not be available

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Pease let me know whether the exemption for LTCG is Rs 3 lakhs for senior citizens for FY2024-25?

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However, if they don't have any other income from any other source, then LTCG gets adjusted, against this basic exemption limit of Rs.3,00,000.00 for Senior Citizens & Rs.5,00,000.00 for Super Senior Citizens.
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Any Standard deduction available for Senior Citizen of 60+ under new or old IT system.

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02. In case of Salary Income it is Rs.75,000.00, under new regime & Rs.50,000.00 under old regime. Please note that it is for all assesses (may be Senior Citizen or otherwise below 60 years of age).
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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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