Donation during the money is banned as the deduction
Deduction below Section 80GGC
When the elderly people or very elderly people contribute currency to help you a political class or a keen electoral believe, the latest contribution might be greeting because an excellent deduction not as much as Point 80GGC.
Deduction not as much as Part 80RRB
If a citizen senior citizen or super senior has an effective registered patent and you will brings in royalty income on particularly patents, the new royalty obtained are invited because the a great deduction off nonexempt money. Just as much royalty that will be desired while the good deduction will be limited by INR step three lakhs. Furthermore, to help you allege new deduction, another standards might be found from the senior citizen or awesome senior –
- She or he shall be a keen Indian citizen
- They must have joined this new patent towards or after 1st in Patents Work 1970
- So you can allege new deduction the brand new senior otherwise very senior citizen would need to complete a certificate(Form-10CCE) with the tax bodies plus the certification can be signed by the the given regulators
- The fresh senior or very senior citizen must be the patentee
Deduction not as much as Area 80TTB
Whether your citizen senior or super senior makes deposits into the a financial otherwise post office, the attention generated for the such as for example places, plus desire regarding checking account, fixed deposit systems and you may postoffice put systems would-be welcome just like the good deduction in the hands of senior. Deduction toward attract money acquired could be limited to INR 50,000.
Deduction below Section 80U
The deduction not as much as Part 80U can be acquired in order to citizen elderly people or very elderly people who are suffering out of a disability otherwise mental retardation.Read More »Donation during the money is banned as the deduction