Contribution during the money is not allowed just like the deduction

Deduction significantly less than Point 80GGC

In the event the older persons otherwise very senior citizens lead currency in order to an excellent governmental class or a keen electoral trust, this new share might be allowed given that a good deduction lower than Section 80GGC.

Deduction significantly less than Area 80RRB

In the event that a resident senior citizen otherwise extremely senior keeps good entered patent and you will earns royalty revenue for the particularly patents, this new royalty received is enjoy once the a deduction out-of nonexempt money. As much royalty which may getting acceptance given that a great deduction would-be limited by INR step 3 lakhs. Also, so you can claim the fresh new deduction, the next standards shall be came across of the senior citizen or super senior –

• He or she can be an enthusiastic Indian resident
• He or she should have joined the newest patent with the or just after initially underneath the Patents Work 1970
• To help you allege the new deduction the latest senior citizen otherwise extremely senior citizen will have to submit a certificate(Form-10CCE) into taxation government plus the certification would be signed of the the newest prescribed authorities
• Brand new senior or super senior citizen must be the patentee

Deduction less than Part 80TTB

If the resident senior or awesome senior citizen made places when you look at the a lender or post-office, the eye received toward for example places, as well as notice out of checking account, repaired put systems and you can postoffice put strategies might possibly be invited since a deduction in the hands of one’s senior. Continue reading →