New Delhi, Feb 1: Announcing a series of benefits for senior citizens, Finance Minister Arun Jaitley Thursday said the exemption limit on income from interest for them has been raised five times to Rs 50,000 per year.
At the same time, the Finance Minister raised limit of deduction for health insurance premium and medical expenditure to Rs 50,000 from Rs 30,000 under section 80D.
“All senior citizens will now be able to claim the benefit of a deduction up to Rs 50,000 per annum in respect of any health insurance premium and/or any general medical expenditure incurred,” he said while presenting the Budget for 2018-19.
Besides, the Budget has increased the limit of deduction for medical expenditure in respect of certain critical illness to Rs 1 lakh in respect of all senior citizens, under section 80DDB.
“In addition to tax concessions, I propose to extend the Pradhan Mantri Vaya Vandana Yojana up to March 2020 under which an assured return of 8 percent is given by Life Insurance Corporation of India,” he said.
The existing limit on investment of Rs 7.5 lakh per senior citizen under this scheme is also being doubled to Rs 15 lakh, he added. (PTI)
