In recent times, one’s age has turned out to be a mere number with the world turning out to be age-agnostic.
In recent times, one’s age has turned out to be a mere number with the world turning out to be age-agnostic.
With 40s being the new 30s, the time is not far, where turning senior would be the new 40s. Gone are the days, when one would consider being an entrepreneur at the age of retirement, as a foolhardy act. In the past few months, I have come across a few senior citizens who have summoned their guts to work on an idea that they felt extremely passionate about, which owing to family/ peer pressure was never pursued during the prime of one’s youth. While the start-up world conjures up images of an audacious ability to take risks considering a “who cares” attitude, there are the seasoned souls, just over the age of 60 who display high voltage energy and passion filled with a burning zeal to accomplish their inner desire. One would but concede that age is more about ‘mental age’ than ‘physical age’.
Interestingly, thanks to the Startup Policy of the Government of India, one such individual that I met recently, with great backing from his children and grandchildren, took the bold decision of re-investing the gains arising from the disposal of a plot of land into his new technology-based venture. The entrepreneur exclaimed that his new venture gave him a second career, an opportunity to innovate, leapfrog and think out of the box. In a span of six months, the venture now employs 15 individuals having been funded by a mid-sized fund. To me, building a business being fully ignited with one’s passion is all that is necessary to fuel the time and energy required to propel extraordinary success.
Are there any tax incentives The Income-tax Act provides a deduction to the extent the net sales proceeds arising on disposal of a residential property (ie, a house or a plot of land) are invested into setting up an ‘eligible business’ for purchase of certain defined assets, notably plant and machinery. Additionally, the Act also provides a hundred per cent tax deduction on the profits derived by an assessee from such ‘eligible business’ for a period of three consecutive years, which makes the proposition of being an entrepreneur even more rewarding. What should the government do While such incentives are general in nature, I would strongly urge the government to consider specifically allocating funds to projects backed by such experienced grey-haired individuals including creating co-working spaces with focus on the seniors since such entrepreneurs considering their rich experience bring in a lot of strength, vision and focus to their respective initiatives.
(The writer is the Executive Director at Moat Multi Family Office)
