1. #1
    Unregistered

    Is there any tax applicable for senior citizen?

    My grandfather is of 60 years old. He had his ancestral property. He sold it out and got handsome money. As he is senior citizen and property was in his name, will there be any tax applicable for that. As per law my grandfather is senior citizen, so there should not be any tax applicable to him and if yes, then what is tax rate and is there any exemption for this?

  2. #2
    robonidos Array
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    Re: Is there any tax applicable for senior citizen?

    In case of senior citizen(60-80 years) there is no tax for upto 2,50000 rs per year.250001-500000 10%tax is applicable.500001-1000000 20% tax is applicable.
    Above 1000000 30 % is applicable.In your case if your grandfather had an income of more than 250000 in a year he'll have to pay tax accordingly.Money from selling land also counts as an income.

  3. #3
    chand Array
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    Re: Is there any tax applicable for senior citizen?

    Ya sure according India law from birth person to old person on everybody have the right to pay tax..if all the property have your grandfather name they have the right to pay tax..the rate of the service tax has been increased from 10.3% to 12.36% w.e.f 1 april 2012..this rate of the service tax you have to pay..

  4. #4
    Rohit29 Array
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    Re: Is there any tax applicable for senior citizen?

    Hello sir,
    Which having the age of 65 and more then they are called senior citizen other wise they not count as senior citizen.

    The lot of beneficial schemes are provided to senior citizen like in saving schemes, Pension schemes, medical policy and many more
    In income tax there is such policy for senior citizen they have earn more than 2.5 L.P.A. they pay the income tax to the government.
    If they don't have any business income then they don't pay any income tax.
    The % of relaxation is much high as compare.

  5. #5
    G.one Array
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    Re: Is there any tax applicable for senior citizen?

    Hi guest, Every citizen residing in India is liable to file income tax return and pay the income tax if any liability arises. Since your grandfather sold the ancestral property and got some handsome amount, so it will be taxable amount and it will be taxed under the head CAPITAL GAINS, as long term capital gain. But if the income is less than the 2.5 lakhs then there is no tax liability, if the income is more than 2.5 lakh and less than 5 lakh then 10 % tax liability and if income is more than 5 lakh and less than 10 lakh then 20% tax liability and any income more than 10 lakh , tax rate will be 30%. Thanx

  6. #6
    mahi4mk Array
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    Re: Is there any tax applicable for senior citizen?

    dear aspirants ,

    You are a 60 age group is grandfather so,you dont

    worry dont pay tax because government rules

    according and your grandfather senior citizen list also.

    Take a easy you dont pay for government tax definatly.

    good luck

  7. #7
    rakesh1990 Array
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    Re: Is there any tax applicable for senior citizen?

    Hello.
    There is an government rule for paying tax for senior citizen these are described below:
    1)Upto 2,50000 there is no no tax.
    2)Between 250000-500000: 10% of total income minus 240000.
    3)between 500000-800000: 26000+20% of the total income minus 500000.
    4)Above 800000:86000+30% of total income minus 800000.
    You have to pay the income tax accordingly.
    THANK U.

  8. #8
    king87 Array
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    Re: Is there any tax applicable for senior citizen?

    DEAR SIR ,

    THERE IS A RULE FOR THIS

    For resident senior citizen (who is 65 years or more of age at any time during the previous year:

    Net Income range Income Tax rates Surcharge Education Cess

    Upto Rs. 2,40,000 Nil Nil Nil

    Rs. 2,40,000- Rs. 10% of (total income Nil 3% of Income Tax

    5,00,000 minus Rs. 2,40,000)

    Rs. 5,00,000- Rs Rs. 26,000 + 20% of (total

    8,00,000 income minus Rs. 5,00,000) Nil 3% of Income Tax

    Above Rs. 8,00,000 Rs. 86,000 + 30% of (total

    income minus Rs. 8,00,000) Nil 3% of Income Tax

    THANK YOU!!!!!!!!!!

  9. #9
    looser Array
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    Re: Is there any tax applicable for senior citizen?

    hi friend,

    as your grand father is a senior citizen and if your grand father do not have any kind of business income, then you have reasons to celebrate.

    Because union budget has proposed that senior citizens, who do not have any income from a business, would be exempted from payment of advance tax.

    Advance tax is applicable on all individuals, salaried or otherwise, with an advance tax liability of rs 10,000/- or more earned during fiscal year.


    india income tax slabs 2012-2013 for senior citizens(aged 60 but less that 80 years):-

    income tax slab(in rs) tax

    0 to 2,50,000 no tax

    2,50,000 to 5,00,000 10%

    5,00,000 to 10,00,000 20%

    above 10,00,000 30%


    thanking u....

  10. #10
    guruthejus Array
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    Cool Re: Is there any tax applicable for senior citizen?

    hi

    in india for senior citizens and who do not have any business income have reasons to celebrate.
    Union budget proposed that senior citizens who dont have any business income would be exemted from paying the advance tax.

    An advance tax is the tax you apy in the lump sum if your tax is not deducted at source from your salary or have earnings that merit a higher level of taxation. Ideally an individual is required to pay this on 3 prescribed days. By 15 sept, atleast 30% of tax to be paid on total income of the year by 15 dec,atleast 60% of tax is to be paid on total income for the year less advance tax already paid;by 15 mar,100% of tax on total income for the year less advance tax already paid.whatever remains,needs to be settled at the time of tax filling.

    In general a senior citizen aged above 65 is not required to pay any tax upto net payable income of rs:1,30,000 under the section 888 of the it act as suggested by indian government.


  11. #11
    geetanjali Array
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    Re: Is there any tax applicable for senior citizen?

    HI,

    If they don't have any business income then they don't pay any income tax.

    If the income is less than the 2.5 lakhs then there is no tax liability,

    if the income is more than 2.5 lakh and less than 5 lakh,

    then 10 % tax liability and if income is more than 5 lakh

    and less than 10 lakh then 20% tax liability and any income more than 10 lakh , tax rate will be 30%.


    Hope this was helpful!!!
    All the best!!!!!

  12. #12
    pathakg Array
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    Re: Is there any tax applicable for senior citizen?

    Hi quesioner
    As you said that your grand paa has sold his ancient property at good rate but not handling any business.
    Yes he is entitle to some relaxation in tax matter.
    The tax critaria is this for a cityzen:
    >>>senior citizen who is 65 years or above can sure
    Net Income Income Tax rates
    Upto Rupees 240000 Nothing.
    >>>Rs. 2,40,000-500000 Rs. 10%.
    >>>Rs. 5,00,000-800000 Rs.income tax Rs.20%.
    For more detail you can log in at income tax website.
    Thankyou sir/mam
    @PathakDheeresh

  13. #13
    ajay Array
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    Re: Is there any tax applicable for senior citizen?

    hello friend,

    Yes There is an government rule for paying tax for senior citizen these are described below:

    If the income is less than the
    2.5 lakhs then there is no tax liability,

    If the income is
    more than 2.5 lakh and less than 5 lakh then 10 % tax liability and

    If income is
    more than 5 lakh and less than 10 lakh then 20% tax liability and

    If any income
    more than 10 lakh , tax rate will be 30%.

    In general a senior citizen aged above 65 is not required to pay any tax up to net payable income of rs:1,30,000 under the section 888 of the it act as suggested by indian government.

    Thank you!

  14. #14
    Ashok Array
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    Re: Is there any tax applicable for senior citizen?

    Dear Aspirant,

    As your grand father is a senior citizen,he has to pay the income tax as per IT rules.The slab for tax calculation is as follows,Senior citizen age in between 60 to 80 years:-for financial year 2012-13 & assesment year 2013-14

    If income during the year is

    @ Up to Rs250000/ -----tax to pay--nil.

    @Rs250001 to 500000----tax to pay @10%

    @up to Rs500000/ & if age is 80 years & above---tax to pay--nil.They are called very senior senior citizen.

    @Rs 500001 to 1000000/ ----tax to pay @20%

    @Rs1000000/&above -----tax to pay@30%

    Since your grand father has sold out some ancestral property & has got handsome money,get the tax calculated with IT lawer pay the tax accordingly.

    Thanks.

  15. #15
    Ravi Kiran Mohapatra Array
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    Re: Is there any tax applicable for senior citizen?

    Net Income range Income Tax rates Surcharge Education Cess

    Upto Rs. 2,40,000 Nil Nil Nil

    Rs. 2,40,000- Rs. 10% of (total income Nil 3% of Income Tax

    5,00,000 minus Rs. 2,40,000)

    Rs. 5,00,000- Rs Rs. 26,000 + 20% of (total

    8,00,000 income minus Rs. 5,00,000) Nil 3% of Income Tax

    Above Rs. 8,00,000 Rs. 86,000 + 30% of (total

    income minus Rs. 8,00,000) Nil 3% of Income Tax

  16. #16
    chowdary Array
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    Re: Is there any tax applicable for senior citizen?

    If your grand father has no income from any Business then there is no need to pay the tax

    else the Tax will be as follows

    If the income levels are

    --> less than 2,50,000 -- then no need to pay tax

    --> 2,50,000 - 5,00,000 -- then u have to pay 10% income tax

    --> 5,00,000 - 10,00,000 -- then u have to pay 20% income tax

    --> above 10,00,000 then u have to pay 30% income tax

  17. #17
    imman Array
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    Post Re: Is there any tax applicable for senior citizen?

    ~~ HI ~~



    ~~ Yes,he too have IT ~~

    ~_~ The senior citizen also should pay Income Tax(IT) ~_~

    ~_~
    But it seems to be less when compared to other citizens ~_~

    ~_~
    Person who attains 60 or more but less than 80 is said to be a senior citizen ~_~

    ~_~
    Person who attains 80 and more said to be very senior citizen ~_~

    ~_~
    Check out the IT slab below ~_~


    0 to 2,00,000 - No Tax


    2,00,001 to 5,00,000 - 10%


    5,00,0001 to 10,00,000 - 20%


    Above 10,00,001 - 30%







    ~~ Thank you ~~



  18. #18
    abbebo Array
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    Re: Is there any tax applicable for senior citizen?

    Hi...For senior citizens (Aged above 60 and below 80 yrs) acc to latest rules...There is no tax levied on an annual income of Rs. 2,50,000 or below...

    For an annual income of 2,50,001 - 5,00,000 ; 10% tax is levied

    For 5,00,001- 10,00,000 ; 20%


    And for 10,00,001 0r above 30% tax


    In ur grandfather's case of money from selling property i dont think any tax will be levied

  19. #19
    Puru Thaman Array
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    Smile Re: Is there any tax applicable for senior citizen?

    Hi,



    --Yup Income Tax Slab for Senior Citizens revised for the year 2012-2013--


    --Kindly Check Out The Following Slabs--



    :!:Senior Citizens Aged 60 & above but below 80:!:



    ::INR 0 to 2,50,000INR- No Tax::

    ::2,50,001 to 5,00,000 INR- 10% from the Income::

    ::5,00,001 to 10,00,000 INR- 20% from the Total Income::

    ::Then above 10,00,000INR- 30% of their Income::


    :~:To Calculate the Income Tax Click on the Link below:~:


    http://financeminister.in/income_tax_calculator.php



    --As per the List above your Grandfather Property Income Tax should be Paid--



    _-^-_Thanks_-^-_

  20. #20
    sairam6 Array
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    Re: Is there any tax applicable for senior citizen?

    Hai friends

    as per the government rules the senior citizen did not want to pay the tax

    only up to the minimum amount is applicable

    if it is increase you want to pay the tax to the government

    the minimum amount is 2,00,000

    after 2,00,000 -5,00,000 you want to pay the tax up to 10% in the money

    after 5,00,000-10,00,000 you want to pay the tax up to 20 % in the money

    after 10,00,000 above you want to pay the tax up to 30% in the money

    hope this information helps you

    good luck

  21. #21
    ritesh Array
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    Re: Is there any tax applicable for senior citizen?

    hi

    in india for senior citizens and who do not have any business income
    they don't pay any income tax.

    they don't pay any income tax.only up to the minimum amount is applicable

    if it is increase you want to pay the tax to the government

    the minimum amount is 2,00,000

    after 2,00,000 -5,00,000 you want to pay the tax up to 10% in the money etc,.,....


  22. #22
    Boss Array
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    Re: Is there any tax applicable for senior citizen?

    Which having the age of sixty five and additional then they're known as grownup alternative wise they not count as grownup.

    The heap of useful schemes ar provided to grownup like in saving schemes, Pension schemes, medical policy and plenty of additional
    In revenue enhancement there's such policy for grownup they need earn over two.5 L.P.A. they pay the revenue enhancement to the govt..
    If they do not have any business financial gain then they do not pay any revenue enhancement.
    the sharp of relaxation is way high as compare.
    Every national residing in Republic of India is susceptible to file revenue enhancement come and pay the revenue enhancement if any liability arises. Since your granddaddy sold-out the ancestral property and got some handsome quantity, therefore it'll be nonexempt quantity and it'll be taxed underneath the top CAPITAL GAINS, as long run financial gain. however if the financial gain is a smaller amount than the two.5 lakhs then there's no liabilities, if the financial gain is over two.5 large integer and fewer than five large integer then ten value-added tax liability and if financial gain is over five large integer and fewer than ten large integer then two hundredth liabilities and any financial gain over ten large integer , rate are half-hour
    An advance tax is that the tax you apy within the payment if your tax isn't subtracted at supply from your regular payment or have earnings that benefit a better level of taxation. Ideally a private is needed to pay this on three prescribed days. By 15 sept, atleast half-hour of tax to be paid on total financial gain of the year by fifteen dec,atleast hr of tax is to be paid on total financial gain for the year less advance tax already paid;by fifteen mar,100% of tax on total financial gain for the year less advance tax already paid.whatever remains,needs to be settled at the time of tax filling.

    generally a grownup aged on top of sixty five isn't needed to pay any tax upto internet due financial gain of rs:1,30,000 underneath the section 888 of the it act as urged by indian government.

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