Senior citizens will now have the exemption limit of Rs 225,000 instead of Rs 195,000 previously.

An additional deduction of Rs 15,000 under Section 80D has been allowed to an individual who pays medical insurance premium for his/her parents.

Senior Citizens Saving Scheme 2004 and the Post Office Term Deposit Account have been added to the basket of saving instruments under Sec.80(C) of the Income Tax Act.

Income Tax Act to be amended to provide that reverse mortgage would not amount to 'transfer'; and the stream of revenue received by the senior citizen would not be 'income.' Image: Senior members of a 'Laughter Club' share a light moment as they exercise at the Gateway of India.