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  • Category: Miscellaneous

    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?
  • #644115
    Good thought by the author. There is now going to be the increasing need of old homes and senior citizens will be very happy if the investment in them is made tax free.

    Such measures are very good for the society in general.

    Thoughts exchanged is knowledge gained.

  • #644117
    The concept of buying a home during service has become the necessity for everyone and for the seniors it is must. The author suggestion may be implemented by central government.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #644155
    Good proposal. The governemnt should think on these lines and the possible help should be extended. Already employees are availing housing loans and there are certain tax benefits for the interest and principal amounts paid by the individual. I think many of the people will be repaying these loans till their retirement or at least near to retirement age. So how many people will get benefitted by the special benefit to above fifty years old person? Very few only will be there without any loan at that age. So irrespective of that common benefit, this benefit should be extended. Otherwise, the government can run old age homes where people will come join. The home administration can take care of these people at the cost of the government. Then there is no necessity for each person a separate house.
    always confident

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