The Union Budget 2018, presented before Parliament by Finance Minister Arun Jaitley on Thursday, seems to have consolidated the gains from structural initiatives taken up by the government during the course of four years of its rule to focus on strengthening the rural economy, including agriculture and healthcare for economically less privileged, and taking care of senior citizens.
From the exemption of interest income to raising the limit of deduction for health insurance, the government seems to be focusing on the welfare of the elderly. The Union Budget 2018 document says through overall concessions for the senior citizens, around Rs 4,000 crore extra tax benefit would be given for them.
'For sr citizens, exemption of interest income on bank deposits raised to Rs 50,000'. Rs 7.5 lakh per senior citizen limit for investment in interest-bearing LIC schemes doubled to Rs 15 lakh FM @arunjaitley#NewIndiaBudget#Budget2018- BJYM (@BJYM) February 1, 2018
On senior citizens, FM Jaitley said: "A life with dignity is a right of every individual, more so for the senior citizens. To care of those who cared for us is one of the highest honours." Providing a big relief to the elderly, the FM said they would get exemption up to Rs 50,000 of interest income on bank and post office deposits; the latest provision also applies to FDs (Fixed Deposits) and RDs (Recurring Deposits).
INCENTIVES FOR SENIOR CITIZENS