Is the tax cut for a senior citizen ,disposing off a house in a district?

Question

Want to sell house in district.Living in Chennai currently.Would like to know how the proceeds can be utilised fully to be exempted from tax, since it is going to be the only source of living afterwards.

Answer 1

Remember everybody, this question applies in India, not in our USA or in England!  Just want you to notice the category listing above: > Business & Finance > Taxes > India

Answer 2

For the financial year 08-09, the the amount not taxable for senior citizen is Rs. 2,25,000.

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