INDIA: 'Go Soft On Us In The Next Budget, Senior Citizens Appeal To Finance Minister

TAXING ISSUE: Senior citizens say they want the 80L provision back MUMBAI (CNN IBN), February 21, 2008: Last Budget, the Finance Minister increased the income tax exemption limit for senior citizens. But given rising costs, many felt that the relief was only marginal at best. Meet one such senior citizen. 76-year-old A P Gracias is an ex-technical retired for the last 18 years. He and his wife live in their 100-year-old house in Byculla, Mumbai. His wife, Fatima Gracias, is a senior citizen too. "Expenses are mounting and prices are going up. Even this sweet lime costs so much more than what it cost earlier. Despite sicknesses, the average life expectancy has gone up drastically, though unlike abroad, there's nothing to fall back on like an assisted living,” Fatima says. “We spend as much as any salaried person would. And apart from our expenses, our OPD expenses and medical bills go up to Rs 2,000 to 3,000 or even more each month. It is not even reimbursable,” A P Gracias says. For senior citizens, interest earned on bank deposits, dividends and specified securities was not taxable under Section 80L of the IT Act, but Section 80L has been removed. Today, together they make an appeal to the Finance Minister of India. “Dear Chidambram sir, we humbly request you to bring back the provision of 80L that will help us as a buffer in these changing times of higher cost appreciations. “And also, while 80D covers the premium on our medical expenses, we have equally more OPD expenses. It'd be great help if you could add a provision that could at least slightly cover that,” the senior couple appeal. “And also sir, one more thing, this is an acknowledgment document that off-late your department has stopped issuing to those who have their taxes NIL. But because of which we are forced to save all these documentation for more than 10 years. Please could you issue it? Thank you,” the Gracias add. By George Koshy / CNN-IBN Copyright © IBNLive.com.