The budget of the world's largest democracy is going to be presented on February 1. In such a situation, everyone's eyes are on the income tax limit. A large group living in the country comes from the LGBTQ+ community. What are the benefits and advantages they get in income tax? Let's take a look at this. Last year, the Government of India made some banking-related announcements to this community.

These are the benefits.

The Department of Financial Services (DFS) under the Ministry of Finance had announced that people of the LGBTQ+ community can open a joint account in the bank. They can also make their partners nominees. With this decision, people of the LGBTQ+ community are getting many benefits. This will make it easier to claim their money.

This decision came after an order of the Supreme Court. The Supreme Court had given the order in the Supriya Chakraborty vs Government of India case. The court had told the government that people of the LGBTQ+ community should consider giving equal opportunities to the people of the LGBTQ+ community regarding the benefits they get like marriage.

People of the LGBTQ+ community get relief on income tax up to Rs 150 lakh under 80 C. Apart from all this, the benefit of tax savings is available on NPS, home loans, and health insurance.

The future will be secure.

The Reserve Bank of India (RBI) has also issued clarification to the banks in this regard. Its notification came on 21 August 2024. This decision was considered a big victory for the people of the LGBTQ+ community. Now they can keep their money safe along with their partners and make their future secure.

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