Tuesday, October 29, 2013

Senior Citizen - Personal Tax, Adv, tax, et al


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<><> Impromptu: As per the erstwhile clause (b), so also the newly substituted clause, of sub-section (vii) of section 56 (2), if read together with the Explanation (d) thereunder, is seen to rope in within the mischief of the deeming provision any “immovable property being land or building” as specified. As such,it does not seem to, in terms, apply to the property of a spoecial kind, in the form of ‘unit’ of a building; that is, legally as well as commonly known,- Flat or Apartment.

This is the self-same aspect which has earlier been critically examined on this website itself in certain other contexts; for instance, on the implications / scope of section 194IA, etc. However, it is sad that in this write-up and in the related others, has not been even made a mention; inferably, it has been either skirted or glossed over unwittingly or otherwise.

It is open for experts in the field to eminently consider and come out with a well-reasoned view on or against the validity of the above mentioned intricate point of critique, so as to be of useful guidance to the readers at large.

Oct 30

Tax benefits for senior citizens

xcerpts .
wef. asst. year 2012-13

9. Higher Deduction u/s 80DDB
Section 80DDB provides deduction to an assessee in case of expense on medical treatment of specified ailments. Generally this deduction is available up-to Rs 40,000 . However , if the patient is a senior citizen, then deduction of Rs 60,000 is allowable.

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