Maximum tax benefits .

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 November 2013 An individual aged 87 years . What is the maximum tax benefits he could avail as he is getting salary from a private concern.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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10 November 2013 the exemption limit is 5 lakhs.

Plus 1 lakh deduction under 80C, Rs 20000 under 80D.

other tax reductions can be done under salary structure in form of reimbursements, medical expense reimbursement, traveling expense allowance, HRA etc

CA Pallav Singhania

CA Pallav Singhania (Expert)
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11 November 2013 In addition to the expert,

Senior citizens also have the benefit of Section 88B under which they are eligible for a rebate of Rs 20,000 from tax liability.

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