Contribution inside cash is prohibited just like the deduction

Deduction under Part 80GGC

In the event the senior citizens or extremely seniors contribute currency in order to a beneficial political team or an electoral faith, the fresh new share would-be allowed because the good deduction less than Area 80GGC.

Deduction not as much as Section 80RRB

If the a resident senior otherwise very senior citizen have a beneficial registered patent and you will earns royalty income on such as for example patents, this new royalty received try allowed because an effective deduction out-of nonexempt income. The maximum amount of royalty which may getting welcome as the an effective deduction could well be limited by INR 3 lakhs. Additionally, to allege the fresh new deduction, the next standards will be satisfied by senior citizen or extremely senior citizen –

  • She or he should be a keen Indian resident
  • They have to have inserted brand new patent toward or just after initially under the Patents Work 1970
  • So you can allege the fresh deduction the brand new senior citizen otherwise very senior would need to complete a certificate(Form-10CCE) toward income tax government together with certificate are signed by the fresh new given regulators
  • The new senior citizen or very senior must be the patentee

Deduction significantly less than Area 80TTB

Whether your resident senior citizen or awesome senior citizen has made dumps inside the a lender otherwise postoffice, the eye received toward particularly places, and interest off bank account, repaired deposit techniques and you may postoffice deposit schemes could well be allowed just like the an effective deduction in the possession of of your senior. read more