70 years and above
75 years and above
80 years and above
85 years and above
Answer is Wrong!
Answer is Right!
The correct answer is (c) 80 years and above.
The Central Government budget 2011-12, a new category of “Very Senior Citizens” has been created for the purpose of Income Tax. This category covers the persons of age 80 years and above.
The income tax exemption limit for very senior citizens is Rs. 3 lakh. They are also allowed a deduction of Rs. 50,000 on medical expenses.
The government has taken this step to provide relief to the elderly and to encourage them to save for their retirement.
The other options are incorrect because they are not the age limit for very senior citizens.