huf exeptions
This query is : Resolved
sasirababuk
(Querist)
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.
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
(Expert)
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
Secondly your Basic Exemption Limit is Rs. 500000/- as Super Senior Citizen
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Rupesh Jain
(Expert)
15 January 2015
you can claim rs. 500000/- as basic exemption .
and for HUF will get 250000/-
and for HUF will get 250000/-
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sasirababuk
(Querist)
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.
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
(Expert)
21 January 2015
Your Basic Exemption Limit is Rs. 5 Lacs irrespective of nature of income.
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