Why not tax concessions for buying old age homes by senior citizens?In this hugely commercial world, the sons and daughters are so busy in the rat race that they do not find time for the senior citizens. The rapid growth of old age homes is a pointer to this problem.
However, in their retired life, most cannot afford the cost of these old age homes, that come with a minimum cost of around twenty lakh rupees. Why not give tax concessions for any person above fifty to specifically buy these small units to the tune of say, two lakh and twenty five thousand rupees to be deducted from the total salary? This will help the senior citizens to buy these homes even when they are in service. Of course, the lending agencies have to get all the documents right so that there is no misuse. There should also be a condition that the fifty year old man does not have any outstanding loan in this name. Since everything is linked to PAN and AADHAR, no one can cheat any banker in this regard. Or institutions such as the LIC Housing Finance.
Will the Central Government consider this suggestion?