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Ans: yes

Ans: You may continue in the form 1 itself. You need to show the buyback amount under the head exempt income in the form.

Please take assistance of your CA on this.

Ans: Under Section 80D of the Income Tax Act, a person can claim a deduction for the amount paid towards health insurance premium for themselves, their spouse, and dependent children. The maximum deduction allowed is up to Rs. 25,000 for self, spouse, and dependent children, and an additional deduction of up to Rs. 25,000 is allowed if the policyholder pays the health insurance premium for their parents who are senior citizens.

In this case, the person can claim a deduction of up to Rs. 25,000 for the health insurance premium paid for themselves and their spouse. Additionally, since the spouse is not a senior citizen, the policyholder cannot claim the additional deduction of up to Rs. 25,000 for paying their spouse's health insurance premium. However, if the policyholder pays for the health insurance premium for their parents who are senior citizens, they can claim an additional deduction of up to Rs. 25,000.

Therefore, in this case, the person can claim a deduction of up to Rs. 25,000 for the health insurance premium paid for themselves and an additional deduction of up to Rs. 25,000 if they pay for the health insurance premium for their parents who are senior citizens.

Ans: Hello Ravi,

Congratulations on your retirement! I understand that you are now receiving dividends from your share portfolio and are curious about any tax benefits for senior citizens.

While I won't mention the specific slab rates, I can assure you that senior citizens do enjoy a more favorable tax rate compared to regular taxpayers. The Income Tax Act provides different slab rates for senior citizens, which are designed to reduce the tax burden on them.

It is important to note that dividend income is subject to taxation under the head "Income from Other Sources." However, as a senior citizen, you can take advantage of the higher basic exemption limit and the beneficial slab rates, which ultimately help reduce your tax liability on the dividend income.

To ensure you're making the most of these benefits, I recommend consulting a professional tax advisor or chartered accountant who can guide you through the process and help you optimize your tax planning.

I hope this information helps.

Best regards,

Ans: yes you can claim the entire amount if you are above the age of 60yrs.

Ans: Technically, investments made by you in your spouse's name is subject to clubbing with your income.