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Tuesday, August 25, 2020
Details list of income tax benefits for senior citizens and very senior citizens:
India's income tax law pampers senior citizens and very senior citizens with several tax benefits. Only residents of the country can avail of these special benefits. A person between 60 years and 80 years of age is termed as a 'senior citizen' and a person above 80 years of age is a 'very senior citizen.' Income tax benefits available to resident senior and very senior citizens range from higher exemption limit to deductions under various sections on account of medical expenses and interest earned on deposits.
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