Senior Citizens- Tax Planning
The exemption limit for senior citizens is Rs 250000 and age limit is between 60 & 80. After 80 years the category of very senior citizens starts & their exemption limit is Rs 500000.
The short term capital gains for senior citizens will be tax free if the basic threshold limit of 15% is not crossed.
Public Provident Funds or the PPF are also very attractive source of investment for senior citizens as it allows an exemption upto Rs. 70, 000 for all citizens of India.
Senior citizens do not have to pay advance tax.
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