Higher tax exemption & more: Senior citizens will be happy with Budget 2018

Tax exemption of Rs 50,000 on interest income and Rs 50,000 on health insurance premium


* Note: Bank accounts data includes Jan Dhan accounts | Source: Parliament questions, Income Tax Department

Joydeep Ghosh
Senior citizens would be largely happy with the Union Budget 2018-19. With the Finance Minister announcing a slew of measures, ranging from higher tax exemption on interest income and health insurance premium to increasing the limit of investment in the Pradhanmantri Vaya Vandana Yojana (PMVVY), they would be able to earn additional tax-free income and address health concerns.

Senior citizens who are highly dependent on interest income from their fixed deposits and other debt instruments would be relieved with the increase in the tax-free limit on interest income from Rs 10,000 to Rs 50,000. In addition, the tax exemption on health insurance premiums, which stood at Rs 30,000 now, has been increased to Rs 50,000. Also, for treatment of critical

First Published: Feb 01 2018 | 9:19 PM IST

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