However, income tax rules offer additional tax benefits to senior citizens. To claim these benefits, the individual must be of the age of 60 years or above but less than 80 years at any time during the respective year.
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Under the new tax regime, senior citizens can claim a maximum deduction of Rs 50,000 under section 80D for health insurance premiums. If the expenses are incurred for a dependent senior citizen, the entitlement is Rs 1 lakh in a fiscal.
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