Union Budget 2024 Expectations Senior Citizens Tax Benefit Pension Demands FM Nirmala Sitharaman

Budget 2024 Senior Citizens' Expectations: Finance Minister Nirmala Sitharaman will present the first budget of Modi 3.0 on July 23, 2024. She is going to present the budget for the seventh consecutive time. Salaried class, business world, students and senior citizens all have high expectations from the Finance Minister's budget. Earlier, in the budget presented on February 1, the Finance Minister did not make any major announcement for senior citizens. This time Nirmala Sitharaman can make this announcement for senior citizens in the General Budget 2024.

1. You can get more discount on health insurance premium

According to business website CNBC Awaaz, people above 60 years of age are currently allowed a maximum deduction of Rs 50,000 on the annual insurance premium on purchasing health insurance. For a long time, senior citizens have been demanding to increase the deduction limit. Health insurance premiums have also increased rapidly in the last few years. Awareness about health insurance has increased in the country since the Corona epidemic. In such a situation, the government can increase the deduction on premium from Rs 50,000 to Rs 1 lakh.

2. The limit of tax exemption on long term capital gains may increase

The government can increase the tax limit on long term capital gains from the income earned by senior citizens through mutual funds and shares. Currently, citizens above 60 years of age do not have to pay any tax on income of Rs 1 lakh through long term capital gains. The government can increase it to Rs 2 lakh. Senior citizens have been demanding this for a long time. Currently, there is no tax on long term capital gains of Rs 1 lakh in a financial year. Income above this is taxed at 10 percent.

3. Age limit can be reduced for ITR exemption

Under Section 194P of Income Tax, currently senior citizens above 75 years of age are exempted from the requirement of filing income tax returns. To get this exemption, it is necessary for the senior citizen to reside in India. Along with this, his income should be only from pension and interest on bank deposits. For a long time, senior citizens have been demanding to reduce this age limit from 75 years to 60 years.

4. The limit may increase under section 80C

At present, both general citizens and senior citizens are getting a rebate of Rs 1.50 lakh under Section 80C of Income Tax. This rebate is available on schemes and FDs with a lock-in period of 3 years to 5 years. Senior citizens have been demanding for a long time to increase the investment limit of Rs 1.50 lakh under Section 80C. The Finance Minister can fulfill this demand in this budget.

5. Deduction facility can be available on rent

Senior citizens have been demanding the facility of deduction on rent for a long time. There are many elderly people who do not have their own house. They pay rent to the landlord every month. Due to this, rent deduction is being demanded, which the government can fulfill this time.

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