Income Tax Rules for Retirees: What's Taxable and Exempt

Retirees must pay tax on various income sources like pensions, interest, rent, and capital gains. Exemptions include gratuity up to Rs 20 lakh for non-government employees and full gratuity for government employees. Deductions like Rs 50,000 under Section 80TTB are available in the old tax regime, while the new regime offers nil tax up to Rs 12 lakh income.