Tax Planning for Senior Citizen

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  1. Aakash Soni

    Aakash Soni New Member

    Hello,

    Mr A ,a senior citizen has total income during the FY 2014-15 is of Rs:4,12,000/-..and basic exempt is rs:3,00,000/- only.

    So is there any way through which planning could be done of extra income above Rs.300000 to omit the tax liability.
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    Yes, he can invest in certain specified instruments and claim deduction under section 80C and all income will become tax free.
     
  3. gaurav_kumar

    gaurav_kumar Well-Known Member

    For FY 2014-15, the max deduction allowed under section 80C is 1.5 Lakhs.

    You can invest this amount in instruments allowed under Section 80C and claim deduction and you will save out on all taxes.
     
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