Contribution for the money is prohibited since deduction

Contribution for the money is prohibited since deduction

Deduction less than Section 80GGC

In the event the seniors or super elderly people lead money to help you a beneficial governmental team otherwise a keen electoral believe, new sum could be greet as the an effective deduction less than Point 80GGC.

Deduction significantly less than Point 80RRB

In the event the a citizen senior or super senior has actually a great registered patent and you will produces royalty earnings for the eg patents, the brand new royalty received are allowed due to the fact a good deduction out of nonexempt money. As much royalty which would feel desired just like the a deduction was limited to INR step 3 lakhs. Also, so you can claim the fresh new deduction, another requirements shall be found by senior otherwise very senior citizen –

  • She or he are going to be an enthusiastic Indian resident
  • They should have inserted the fresh new patent on otherwise just after very first within the Patents Act 1970
  • So you can allege the new deduction the senior or extremely senior citizen would have to fill out a certification(Form-10CCE) to your taxation authorities while the certificate will likely be signed because of the the prescribed government
  • The new senior citizen or extremely senior must be the patentee

Deduction not as much as Section 80TTB

In the event the resident senior or extremely senior makes dumps inside the a bank otherwise post-office, the eye acquired on such as places, together with attract of checking account, repaired deposit plans and you can post-office deposit plans could well be acceptance as a deduction in the hands of senior citizen. (suite…)