Friday, February 29, 2008

Budget Impact for Senior Citizens

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The budget has proposed new tax slabs and more tax incentives. The Senior Citizens tend to gain Rs. 39,5000 per annum because of this.

The finance minister has also made change to income coming from Reverse Mortgage Loan Scheme i.e. if you have a house, you can give your house (mortgage your house to the bank while still living in it) and take a loan. The money you receive will not be taxable. It can become your regular income.
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