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  India   All India  01 Feb 2018  Union Budget: Govt exempts Rs 50k interest income for senior citizens

Union Budget: Govt exempts Rs 50k interest income for senior citizens

THE ASIAN AGE.
Published : Feb 1, 2018, 5:00 pm IST
Updated : Feb 1, 2018, 5:00 pm IST

Deduction limit for health insurance and medical expenditure has been raised from Rs 30,000 to Rs 50,000 under Section 80D.

Finance Minister Arun Jaitley on Thursday announced a slew of incentives for senior citizens in the Union Budget 2018.  (Photo: Representational | File)
 Finance Minister Arun Jaitley on Thursday announced a slew of incentives for senior citizens in the Union Budget 2018. (Photo: Representational | File)

New Delhi: Finance Minister Arun Jaitley on Thursday announced a slew of incentives for senior citizens in the Union Budget 2018.

For senior citizens, exemption of interest income on bank deposits was raised to Rs 50,000 from the current Rs 10,000, Jaitley said, adding that tax will not be deducted at source on fixed deposits.

Finance Minister also announced that Rs 7.5 lakh per senior citizen limit for investment in interest-bearing LIC schemes has been doubled to Rs 15 lakh.

In addition, deduction limit for health insurance and medical expenditure was raised from Rs 30,000 to Rs 50,000 under Section 80D. In cases of critical illness, deduction limit in medical expenses was increased from from Rs 60,000 (80,000 for very senior citizens) to Rs 1 lakh under Section 80DDB.

Jaitley presented the Union Budget 2018 in Parliament on Thursday. The budget is the last budget of the BJP-led NDA government prior to the Lok Sabha election slated to be held in 2019.

Tags: union budget 2018, arun jaitley, narendra modi, indian economy, senior citizen
Location: India, Delhi, New Delhi