Finance Minister Nirmala Sitharaman is poised to present the Union Budget 2024-25 on July 23. Senior citizens, in particular, are looking forward to potential announcements that could impact their financial landscape.
According to a CNBC Awaaz report, there are three key announcements expected to be made in favour of senior citizens:
Increase in long-term capital gains tax exemption
The report indicates that the government may consider raising the long-term capital gains exemption limit to at least Rs.2 lakh for senior citizens, from the current Rs.1 lakh.
This can provide them with enhanced financial flexibility and greater tax relief on capital gains and encourage sustained investment in financial markets.
Expected tax deduction on house rent
It is anticipated that there could be a provision for tax deductions on house rent for elderly individuals who do not receive regular pensions.
This measure could alleviate financial burdens for seniors living in rented accommodations.
Enhanced health insurance premium deductions
There is also speculation regarding an increase in deductions on health insurance premiums for senior citizens, potentially raising the current limit of Rs.50,000 to at least Rs.1 lakh.
This adjustment aims to mitigate rising healthcare costs and improve access to medical care for seniors.
Source: NDTV
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