Deduction u/s 87a
This query is : Resolved
26 March 2014
A person who is senior citizen his gross income is Rs. 504000 and conveyance allowance is Rs. 9600. He is liable for 87A deduction or not.
Guest
Guest
(Expert)
26 March 2014
Ya he is eligible for a rebate of Rs2000 u/s 87 A provided this conveyance allowance is included in that 504000..The net income becomes 494400 (504000-9600) that is less than 5lakhs so rebate would be available for him..
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