Budget 2024: Senior Citizens Expect These Three Key Announcements

By: Admin July 09, 2024 Categories: Income Tax News | News

Finance Minister Nirmala Sitharaman is poised to present the Union Budget 2024-25 on July 23. Senior citizens, in particular, are looking forward to potential announcements that could impact their financial landscape.

According to a CNBC Awaaz report, there are three key announcements expected in favor of senior citizens:

1. Increase in Long-Term Capital Gains Tax Exemption

The government may consider raising the long-term capital gains exemption limit to at least ₹2 lakh for senior citizens, up from the current ₹1 lakh. This can provide enhanced financial flexibility, greater tax relief on capital gains, and encourage sustained investment in financial markets.

2. Expected Tax Deduction on House Rent

A provision for tax deductions on house rent for elderly individuals who do not receive regular pensions is anticipated. This measure could alleviate financial burdens for seniors living in rented accommodations.

3. Enhanced Health Insurance Premium Deductions

There is speculation regarding an increase in deductions on health insurance premiums for senior citizens, potentially raising the current limit from ₹50,000 to at least ₹1 lakh. This adjustment aims to mitigate rising healthcare costs and improve access to medical care for seniors.