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| *Ostroff, Fair and Company>>>India Taxes |
Why ITax Dept not allow any exepmtion on Maintenance cost of Dependent parent?but is there for child education |
In the Indian Income tax rule if any person spends money on children hostel fees and school fees then certain amount with some maximum limit is exempt from taxable income good previlage to the children but it noticed that this people not get any interest to spend for thier old aged parents because there is no tax benefit. So the senior citizens suffers from financial insecurity and becomes victim of the situation. Moreover there some low/middle income group people who whole heartedly takes care of their old aged parents as per ethics and indian good culture. If Govt can pass rule to allow a certain amount as exemption for general expenses for dependent parents it will be very much helpful to the senior citigens or those have just retired but have no other source of income. What is your view friends? You have made a valid point. But the welfare of old people is never in the mind of govt ever. It should be noted that giving the tax deduction to senior citizen means that govt is thinking about only those senior citizen who are either earning pension or some kind of interest whereas majority of senior citizens are poor people go were previously daily wage earner. If govt really wants to do something about they should at least do medical insurance to all senior citizens for Rs 50000 /per annum so that any body having age , say 65 years , can approach a hospital in case of medical attention need. This will increase the business of insurance companies and govt which every year spend without any benefit on different rojgar yojna will also be spending very less for a good cause. Taking care of your parents and providing education to your kids are your responsibility. Expecting tax exemptions from the government for the same is asking for too much. The whole idea of the Govt giving tax exemptions for kids education is to make sure that you put your kids in a good school and make them literate. This way some parents who don't educate their girl children will also opt for it. While I pity the senior citizens who have spent their life grooming their children only to be left in the lurch, expecting tax breaks is not the right solution. |
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