Deduction under Part 80GGC

In the event that seniors otherwise super seniors contribute money so you can an excellent governmental cluster otherwise a keen electoral believe, this new contribution would-be greeting as an excellent deduction under Part 80GGC.

Deduction lower than Area 80RRB

If a resident senior otherwise awesome senior citizen possess an effective inserted patent and you will earns royalty earnings towards such patents, the fresh royalty acquired was allowed since an excellent deduction regarding taxable income. The maximum amount of royalty that would end up being greeting just like the a good deduction would be limited to INR step three lakhs. Moreover, to allege this new deduction, the following criteria might be fulfilled of the senior citizen or awesome senior citizen –

• She or he are an Indian citizen
• He or she need registered the new patent on otherwise immediately after very first within the Patents Operate 1970
• To help you claim new deduction new senior or super senior citizen would have to fill in a certification(Form-10CCE) into the income tax authorities as well as the certificate can be signed by the new recommended regulators
• This new senior or very senior citizen ought to be the patentee

Deduction lower than Point 80TTB

If the resident senior or awesome senior has made places inside a financial otherwise post-office, the eye earned to your particularly places, including attract of family savings, fixed put systems and you will post-office deposit systems is anticipate once the an effective deduction in the hands of one’s senior. (mai mult…)