Benefits for senior citizens in Budget 2015

Senior citizens have received benefits from Finance Minister Arun Jaitley in Budget 2015. For the nearly 10.5 crore population above 60 years, of which about 1 crore is above 80 years old, the government has decided to set up a Senior Citizens' Welfare Fund, which will derive funds from a corpus set up from the funds of the EPF and PPF.

Besides, physically challenged senior citizens will get assistance in terms of physical aids and assistance devices.

Another benefit for the elderly is in terms of the increase in deduction in health insurance premium and medical treatment. While tax deduction under Section 80D has been raised for individuals below 60 from Rs 15,000 to Rs 25,000, that for senior citizens has been increased to Rs 30,000.

Besides, under Sections 80DDB, which allows a deduction of Rs 60,000 for treatment of specified diseases like cancer, AIDS, etc, the amount for senior citizens has now gone up to Rs 80,000.