India

In the Indian Income tax rule if any person spends money on children hostel fees and school fees then certain amount with some maximum limit is exempt from taxable income good previlage to the children but it noticed that this people not get any interest to spend for thier old aged parents because there is no tax benefit. So the senior citizens suffers from financial insecurity and becomes victim of the situation.
Moreover there some low/middle income group people who whole heartedly takes care of their old aged parents as per ethics and indian good culture. If Govt can pass rule to allow a certain amount as exemption for general expenses for dependent parents it will be very much helpful to the senior citigens or those have just retired but have no other source of income.

What is your view friends?

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