huf exeptions

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sasirababuk (Querist)
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15 January 2015 I inherited 10 acres of wet agricultural land and a house from y father. My family consists of a son and two daughters. Myself as KARTA and my wife and son as members, I opened an HUF account. for this financial year 2014-15 my net agricultural income is 1.5 lakhs and bank interests 1.5 lakhs . I am aged 82 yrs. My query is :
What is the basic exemption I am eligible to : 2.5: 3.0: 5.0 lakhs !
Is my agricultural income eligible from tax exemption !

Thank You.

CA NAVEEN SINGLA

CA NAVEEN SINGLA (Expert)
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15 January 2015 First of all Agriculture Income is 100% exempt if you dont have other Income Sources.

Secondly your Basic Exemption Limit is Rs. 500000/- as Super Senior Citizen

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Rupesh Jain

Rupesh Jain (Expert)
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15 January 2015 you can claim rs. 500000/- as basic exemption .

and for HUF will get 250000/-

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sasirababuk

sasirababuk (Querist)
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19 January 2015 Please clarify, the answers are not clear to me :

I am 82, I have both agricultural and other income . so am I eligible for 5.0 0r 2.5 basic exemption.

thanking you both.

CA NAVEEN SINGLA

CA NAVEEN SINGLA (Expert)
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