Contribution inside cash is banned while the deduction
Deduction significantly less than Part 80GGC
In the event the elderly people otherwise super older persons lead money so you’re able to an excellent governmental cluster otherwise an enthusiastic electoral trust, the newest sum could be greet since an effective deduction under Area 80GGC.
Deduction lower than Part 80RRB
If a citizen senior citizen or very senior citizen features good joined patent and produces royalty revenues into the such as for example patents, the royalty received try welcome while the a good deduction of taxable income. The maximum amount of royalty which could getting welcome since the an effective deduction will be limited to INR 3 lakhs. Also, so you can allege the brand new deduction, the next conditions shall be met because of the senior citizen or very senior citizen –
- She or he is going to be an Indian resident
- He/she need entered the new patent for the otherwise just after first under the Patents Work 1970
- So you’re able to allege the new deduction the senior citizen otherwise awesome senior citizen would need to fill in a certification(Form-10CCE) toward taxation regulators and the certification will likely be signed from the the fresh new recommended regulators
- The brand new senior citizen or awesome senior citizen must be the patentee
Deduction below Section 80TTB
If for example the resident senior or very senior has made places when you look at the a bank otherwise post-office, the interest made for the such as for example deposits, together with notice away from family savings, repaired put plans and you can post office deposit techniques could well be greeting since a beneficial deduction in the possession of of one’s senior. Read more