New Delhi: Announcing a series of benefits for senior citizens, finance minister Arun Jaitley on Thursday said the exemption limit on income from interest for them has been raised five times to Rs 50,000 per year.
At the same time, the Union finance minister raised limit of deduction for health insurance premium and medical expenditure to Rs 50,000 from Rs 30,000 under section 80D.
“All senior citizens will now be able to claim benefit of deduction up to Rs 50,000 per annum in respect of any health insurance premium and/or any general medical expenditure incurred,” he said while presenting the Union Budget for 2018-19.
Besides, the Budget has increased the limit of deduction for medical expenditure in respect of certain critical illness to Rs 1 lakh in respect of all senior citizens, under section 80DDB.
The finance minister also proposed to extend the Pradhan Mantri Vaya Vandana Yojana up to March 2020. “The current investment limit will be increased to Rs 15 lakh from the existing limit of Rs 7.5 lakh per senior citizen,” Mr Jaitley said.
