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

SG

 Govt. to Come-Up with Inflation based Certificate

 Myths and misconceptions about Personal Income tax

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• Amendments to Section 56(2) with respect to Deemed Gifts and transfer of movable & immovable property

• Taxability of gift as Income from Other Sources u/s. 56 [2][vii]

• Gifts of property (gifts-in-kind) above value of rs.50,000 become taxable from 1st October 2009

<><> 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

6) Senior Citizens not having Business Income Exempt From Advance tax payment

7) Senior citizen above the age of 80 years are entitled to higher exemption Limit of Rs. 5,00,000 from A.Y. 2012-13.

8) No Income Tax Scrutiny of Senior Citizens and Small Tax payers Having Gross Income less then 10 Lakh

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.