Tax Benefits to Senior Citizens during Fin Year 2018-19; Reverse Charge Mortgage Scheme

Tax Benefits to Senior Citizens during Fin Year 2018-19; Reverse Charge Mortgage Scheme. Reverse Mortgage

Tax Benefits to Senior Citizens during Fin Year 2018-19; Reverse Charge Mortgage Scheme video duration 13 Minute(s) 43 Second(s), published by Dr Rathore's Tax Video Lectures on 07 10 2018 - 18:48:45.

SBR_266_08_10_2018 https://youtu.be/8hCfKqRm4zQ (14 Minutes) Tax Benefits to Sr Citizen during FY 2018-19 1
Attaining the age of 60 yrs by 01-04-2019 Bird's eye view of Reverse mortgage scheme where senior citizens need not worry for money if they own any immovable asset
This scheme provides for .

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#SBR_266_08_10_2018
https://youtu.be/8hCfKqRm4zQ (14 Minutes)

Tax Benefits to Sr Citizen during FY 2018-19
1. Attaining the age of 60 yrs by 01-04-2019 (Sr Citizen) No Tax Upto Rs. 300,000
2. Attaining the age of 80 yrs by 01-04-2019 (Very Sr Citizen) No tax upto Rs. 500,000
3. Standard Deduction allowed from Pension too Rs. 40,000
4. Section 80TTB (SB Intt + Bank or PO FDR/ RD Intt) But Not Cos/ SCSS Rs. 50,000
5. Section 80DD (Medical Ins Premium & Medical Exps) Rs. 50,000
6. Section 80DDB (Specified Diseases) Rs. 100,000
7. Section 194A: No TDS if Bank / PO FDR/RD interest is upto Rs. 50,000 10%
8. Filing of Form 15H for Non Deduction of TDS Limit: T.I. after Deductions
9. No Need to pay Advance Tax (15-June; 15-Sept; 15-Dec; 15-Mar) No BP
10. Higher Rate of Interest as compared to Non-Sr Citizen 0.50% to 0.75%
11. Investment in Pradhan Mantri Vaya Vandana Yojana 15 Lakhs
12. Investment in Senior Citizen Saving Scheme-2004 15 Lakhs
13. Less Chances of Scrutiny (Except Third Party Information)
14. Physical Filing of ITR is allowed, if no Refund and Income upto Rs. 500,000
15. No Tax on the amount received under Reversed Mortgage Scheme