Which Income Tax Form is applicable for Senior Citizens?

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  1. Shashikant S Patil

    Shashikant S Patil New Member

    Hello,

    I am 68 years old , Senior Citizen from Mumbai . My income is from Other sources, such as RENT received from Builder is Rs 65000.00 for redevelopement of existing society. I am paying RENT of Rs ,123000.00 to a new Flat owner per this year upto March 2016 end .

    I have no other source of Income, such as No Dividents. No Shares, No Investment , No PPF, No Health Policy Premiums, etc.

    Which "Income Tax Form" shall I fill in and Submitt ?

    What will be my Tax liability ?

    Which TAX deduction shall I apply for at this over age , without LOCK IN period or less lock in period ? Because, I want to keep provision of some amount for building my house at my native place .

    Is ULIP scheme be suitable for tax Deuction ? How much shall I invests in that ?

    Will saving in "Training and Rehabilitation" for my Minor Nephiews , (3 Nos) , save tax on total income ? How much % will be the saving in such case ?

    How much "CASH IN HAND" is allowed under Income Tax provisions. ? Under Which section ?

    Which is the last date for Submitting IT Form , having no other source of Income except RENT received from Builder in Redevelopement ??
    Also , please read my earlier thread also in this connection

    Is it March end 2016 or July 2016 ? PL confirm
     
    Last edited: Mar 10, 2016
  2. You may use ITR form 1 for the income from other sources.
    It is always better to consult a professional for detailed calculation of your tax liabilities and other investment savings scheme.
     
  3. prasaddv

    prasaddv New Member

    You may use ITR from 1.
     
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