Q. I am a super-senior citizen and also a railway pensioner who is bedridden. I have engaged an attendant for 20,000 a month. Is this amount admissible for exemption under 88B of the Income Tax Act?
A. Medical expenses incurred for yourself up to 50,000 a year in case there is no medical insurance policy in force can be claimed under Section 80D. Further, a deduction under Section 80DDB can be claimed up to 1.50 lakh for a senior citizen towards expenses for medical treatment, if he is suffering from certain prescribed diseases such as dementia, Parkinsons etc. provided he has a certificate from a prescribed medical practitioner.
A deduction under 80U can be claimed up to 1.25 lakh for severe disability due to autism, cerebral palsy, multiple disabilities etc. and if a certificate from the prescribed medical authority is obtained. Section 88B is no longer in the statute.
Q. I am 65 years old , retired and my wife is 62. I have a health Insurance policy for 5 lakh covering my wife and me. I pay an annual premium of 55,000. How much tax exemption will I get under Section 80D ?
A. You will be in a position to claim up to 50,000 under Section 80D in a year for the premium paid by you for yourself and your wife as you are a senior citizen.
Q. My neighbour, aged 75, is a retired Central government employee getting a monthly pension of 75,000. He needs a clarification with regard to deduction u/s 24 and u/s 80 C. His only source of income is pension. He recently extended his house with two more bedrooms.
The house is owned by him. Because of his old age, he could not avail a housing loan. He availed a personal loan to the tune of 20 lakh against pension from the SBI. The loan carries an interest rate of 12% and repayable in 48 EMIs. The entire loan proceeds are used for the construction only.
His queries are:
1) Can he claim deduction u/s 24 for payment of interest to SBI for the personal loan and EMI principal u/s 80 C ?
2) If permitted, does he need to show any evidence to prove the funds were utilised for construction purposes?
A. Deduction under Section 24 can be claimed only when a certificate is obtained from the lender stating the purpose of the loan, interest paid and the principal repaid for that year. In the given case, we are not sure whether the SBI would be able to provide a certificate to this effect.
Under housing loan, the lenders, especially the institutions, issue the loan only after ensuring it is used for construction or purchase or renovation of an house and in case of a personal loan, the bank is not obligated to monitor loan usage.
Under section 80C, deduction can be availed only for construction or purchase of house property and not for renovation.
Q. Recently, I had purchased a house for residential purpose in my wifes name. She is a homemaker with nil income. I had taken a loan from Bank of Baroda. Can I claim benefits u/s 24 and 80C?
A. Under sections 24 and 80C, only the owner of the property can claim benefits as provided. In your case, the property is in the name of your wife though the loan is availed by you; hence, you cannot claim benefit.
(The author is partner, GSS Associates, Chartered Accountants, Chennai)
You have reached your limit for free articles this month.
Register to The Hindu for free and get unlimited access for 30 days.
Find mobile-friendly version of articles from the day's newspaper in one easy-to-read list.
Enjoy reading as many articles as you wish without any limitations.
A select list of articles that match your interests and tastes.
Move smoothly between articles as our pages load instantly.
A one-stop-shop for seeing the latest updates, and managing your preferences.
We brief you on the latest and most important developments, three times a day.
Not convinced? Know why you should pay for news.
*Our Digital Subscription plans do not currently include the e-paper ,crossword, iPhone, iPad mobile applications and print. Our plans enhance your reading experience.
See original here:
Ask Us - The Hindu
- Cerebral Palsy: Diagnosis - May 7th, 2011 [May 7th, 2011]
- Cerebral palsy treatment NeuWellness - May 14th, 2011 [May 14th, 2011]
- cerebral palsy treatment in india-indian cerebral palsy video 1 - May 20th, 2011 [May 20th, 2011]
- CP Cerebral Palsy Acupuncture Treatment Research. www.thetole.org - May 24th, 2011 [May 24th, 2011]
- cerebral palsy treatment in india/dr vipul shah/ indian cerebral palsy - June 9th, 2011 [June 9th, 2011]
- cerebral palsy treatment in india/indian cerebral palsy/dr vipul shah/follow up - June 23rd, 2011 [June 23rd, 2011]
- TheraSuit treatment for Cerebral Palsy - July 3rd, 2011 [July 3rd, 2011]
- Stem cell treatment for Cerebral Palsy-Jerica Cole's post interview.avi - July 15th, 2011 [July 15th, 2011]
- Cerebral Palsy Treatment.... Hindi - August 19th, 2011 [August 19th, 2011]
- Stem Cell Treatment for Cerebral Palsy (Periventricular Leukomalacia) - August 21st, 2011 [August 21st, 2011]
- Stem Cell Treatment for Cerebral Palsy at the XCell-Center in Germany - August 25th, 2011 [August 25th, 2011]
- cerebral palsy treatment,lilou,essentis,therasuit,banana,spider,nazarov,guez - August 29th, 2011 [August 29th, 2011]
- cerebral palsy treatment,helena,essentis,therasuit,guez,spider,nazarov,guez - September 30th, 2011 [September 30th, 2011]
- walking before training lokomat for cerebral palsy treatment - September 30th, 2011 [September 30th, 2011]
- TheraSuit Therapy for Cerebral Palsy - Case 1 - October 2nd, 2011 [October 2nd, 2011]
- Cerebral palsy patient Atillia before stem cell treatment 2.wmv - October 10th, 2011 [October 10th, 2011]
- Stem cell treatment for Cerebral Palsy-Jerica Cole's pre interview.avi - October 11th, 2011 [October 11th, 2011]
- Stem Cell Treatment - Cerebral Palsy (2) - Video - October 16th, 2011 [October 16th, 2011]
- magic treatment for cerebral palsy -indian cerebral palsy treatment in india/delhi - Video - October 18th, 2011 [October 18th, 2011]
- Cerebral palsy patient Atillia after stem cell treatment 1.wmv - Video - October 19th, 2011 [October 19th, 2011]
- Cerebral Palsy: A new treatment: Part 1 - Video - October 21st, 2011 [October 21st, 2011]
- Cerebral Palsy Hyperbaric treatment in Margate Florida 954-975-3563 - Video - October 22nd, 2011 [October 22nd, 2011]
- Cerebral palsy patient Gabor after stem cell treatment 3.1.wmv - Video - October 29th, 2011 [October 29th, 2011]
- Stem Cell Treatment for Cerebral Palsy - Video - October 30th, 2011 [October 30th, 2011]
- Brian's Story: Dr. Huo's miraculous acupuncture treatment of Cerebral Palsy - Video - October 30th, 2011 [October 30th, 2011]
- Hyperbaric Oxygen Therapy Treatment for Cerebral Palsy - Video - November 1st, 2011 [November 1st, 2011]
- After Stem Cell Transplant treatment for Cerebral Palsy - Video - November 2nd, 2011 [November 2nd, 2011]
- indian cerebral palsy treatment-dr vipul shah - Video - November 6th, 2011 [November 6th, 2011]
- Stem Cell Therapy for Cerebral Palsy - Video - November 10th, 2011 [November 10th, 2011]
- Cerebral Palsy(CP) Scientific Treatment Research Center - Video - November 10th, 2011 [November 10th, 2011]
- Cerebral Palsy Treatment - November 17th, 2011 [November 17th, 2011]
- Stem Cells: Treatment for Cerebral Palsy - Video - December 10th, 2011 [December 10th, 2011]
- Stem Cell Therapy - Cerebral Palsy Treatment || Holly Catalano Update - Video - December 29th, 2011 [December 29th, 2011]
- Lasertherapy Bular - Treatment of Infantile Cerebral Palsy - Video - January 4th, 2012 [January 4th, 2012]
- Cerebral palsy patient Bianca after stem cell treatment 3.wmv - Video - January 4th, 2012 [January 4th, 2012]
- Cerebral Palsy Treatment by Dr.Babu Sudheendra Nath - Video - January 31st, 2012 [January 31st, 2012]
- The Methodist Hospital in Houston Is First to Offer New Device to Improve Walking - February 1st, 2012 [February 1st, 2012]
- Baby Logan inspires family to help - February 14th, 2012 [February 14th, 2012]
- Santi KM Bhagat: The 8 Million That Health Care Reform Forgot - February 14th, 2012 [February 14th, 2012]
- Ben's Bells: Patient grateful for Brownies' efforts - February 19th, 2012 [February 19th, 2012]
- Family’s appeal to improve care for disabled Jack, 3 - February 20th, 2012 [February 20th, 2012]
- Families, hospitals fighting Medicaid cuts - February 20th, 2012 [February 20th, 2012]
- Barrow family’s appeal to improve care for disabled Jack, 3 - February 20th, 2012 [February 20th, 2012]
- Earnings Beat for Acorda - February 21st, 2012 [February 21st, 2012]
- Dance to support Shriners Hospital for Children - February 25th, 2012 [February 25th, 2012]
- US trip holds hope for city boy - February 28th, 2012 [February 28th, 2012]
- Santanu Mitra - February 28th, 2012 [February 28th, 2012]
- City hospital to offer walking op - February 28th, 2012 [February 28th, 2012]
- CBR's Newborn Possibilities Program Provides Cord Blood Banking at No Cost to Families with an Identified Medical Need - February 29th, 2012 [February 29th, 2012]
- Charity golfers to the fore - February 29th, 2012 [February 29th, 2012]
- Assistive Mobility Devices Designed by Mobility Research Now Offered by Rehabmart.com - March 2nd, 2012 [March 2nd, 2012]
- Help to give Aiden, 2, chance of better life - March 4th, 2012 [March 4th, 2012]
- Conman Neil Jackson jailed for six years after false sickness claims for son - March 4th, 2012 [March 4th, 2012]
- Tesco manager conned £60k out of staff for son's 'fatal illness' and spent it on holidays - March 6th, 2012 [March 6th, 2012]
- Tesco manager conned £60,000 out of staff for son¿s ¿fatal illness¿ and spent the money on holidays to Hawaii and Las ... - March 6th, 2012 [March 6th, 2012]
- Ontario At The Centre Of World-Leading Brain Research - March 6th, 2012 [March 6th, 2012]
- R5.5m claim after baby born with cerebral palsy - March 6th, 2012 [March 6th, 2012]
- Uncertainty over NHS reforms threatens future of world leading cerebal palsy centre - March 6th, 2012 [March 6th, 2012]
- Birth Injuries from Medical Malpractice Can Create a Lifetime of Financial and Emotional Challenges for Victims and ... - March 7th, 2012 [March 7th, 2012]
- Ontario brains put their heads together - March 7th, 2012 [March 7th, 2012]
- ‘PediaSuit’ helps cerebral palsy patient walk - March 9th, 2012 [March 9th, 2012]
- Charity Caudwell Children donates wheelchair to Norwich youngster - March 10th, 2012 [March 10th, 2012]
- Elgin Easter Seals gets more space, bilingual programs - March 11th, 2012 [March 11th, 2012]
- A war on brain illness should be declared - March 12th, 2012 [March 12th, 2012]
- More children now living with 'life-limiting' conditions - March 12th, 2012 [March 12th, 2012]
- Assessing innovative intervention for children with cerebral palsy - March 15th, 2012 [March 15th, 2012]
- Cerebral Palsy In Children - Innovative Intervention Evaluated - March 15th, 2012 [March 15th, 2012]
- Cerebral palsy hindering 4-year-oldâs movement - March 17th, 2012 [March 17th, 2012]
- West Fargo boy with cerebral palsy can now walk without crutches; parents credit stem cell therapy - March 19th, 2012 [March 19th, 2012]
- Cerebral palsy research brings hope to new mums - March 21st, 2012 [March 21st, 2012]
- Center offers hyperbaric treatment - March 21st, 2012 [March 21st, 2012]
- $100-million Children’s Treatment Centre to be built in lower city - March 22nd, 2012 [March 22nd, 2012]
- White Lodge Centre marks 50 years in 2012 - March 22nd, 2012 [March 22nd, 2012]
- Telethon Delivers Life Changing Services - March 23rd, 2012 [March 23rd, 2012]
- Teachers allegedly call special-needs kid 'disgusting' - March 31st, 2012 [March 31st, 2012]
- Cerebral palsy drug may offer hope for treatment - April 20th, 2012 [April 20th, 2012]
- Prevention of cerebral palsy - April 20th, 2012 [April 20th, 2012]
- Study gives new hope on cerebral palsy - April 20th, 2012 [April 20th, 2012]
- Prrvention of cerebral palsy - April 20th, 2012 [April 20th, 2012]
- PRB at Wayne State/DMC discover window of opportunity to prevent cerebral palsy - April 20th, 2012 [April 20th, 2012]