India’s Finance Minister Nirmala Sitharaman on February 1, announced tax relief for persons with disabilities.
“The parent or guardian of a person with a disability can take an insurance scheme for such a person. The present law provides for a deduction to the parent or guardian only if the lump-sum payment or annuity is available to the differently-abled person on the death of the subscriber, i.e., parent or guardian,” said Sitharaman.
Finance Minister proposed to allow the payment of annuity and lump sum amount to persons with disabilities dependent during the lifetime of parents/guardians attaining the age of 60 years.
“There could be situations where persons with disabilities dependants may need payment of annuity or lump sum amount even during the lifetime of their parents/guardians. I propose to thus allow the payment of annuity and lump sum amount to persons with disabilities dependent during the lifetime of parents/guardians, i.e., on parents/ guardians attaining the age of sixty years,” said Sitharaman.
Nirmala Sitharaman delivered her fourth straight Union Budget in Parliament paperless manner like last year.