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Income tax 2012-13

Rahul (Partner) (67 Points)

14 March 2012

If HUF is under the tax rates which are applicable for an individual, then if the Karta of the HUF is a senior citizen, will the tax slab to be followed is of senior citizens??? i.e upto 2,40,000 exemption......

Please, I need an advice in this regard

Thank you

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7 Replies

CA Vanamala Phani Kumar (Proprietor of M/s Vanamala and Co) (972 Points)
Replied 14 March 2012

Clearly mentioned in Act that slab rates applicable for Rates which are applicable for Individul (Age below 60 years )

There is no special rates for HUF and there is difference in treatment of assesable income for HUF and Individual

1 Like

Pooja Jindal (Student) (36 Points)
Replied 14 March 2012

Tax Rate applicable for HUF is same as applicable to non senior male Citizen and for A.Y. 2012-13, following Tax slab are applicable :

Upto Rs.180000 : Nil

Rs.180001 to Rs.500000 : 10%

Rs.500001 to Rs.800000 :20%

Above Rs.800000 :30%

1 Like

Akhilesh Kapadia (Employee) (106 Points)
Replied 14 March 2012

HUF is a seperately identity for tax purpose. So normal slaps apply no SC slab.

1 Like

CA sumit chejara (ca final) (99 Points)
Replied 15 March 2012

Dear there is no any relation of HUF with KARTA, hence the normal slab rate will be apply i.e. Rs 180000

1 Like

Jayprakash Patel (Senior Account Executive) (75 Points)
Replied 15 March 2012

yes there are normal slab are applicable to HUF's karta bcoz HUF and karta are seperate from each others.

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Sonam Bidasaria (CA) (770 Points)
Replied 15 March 2012

All the aforesaid answers are correct as far as taxability of income HUF is concerned. Just want to mention that the basic exemption limit for senior citizen has been increased to Rs. 2.50 lacs from 2.40 lacs w.e.f A. Y 2012-13.

1 Like