Rebate u/s.86 in itr

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 April 2015 Dear Experts
Assessee is the member of AOP and the income of the AOP is tax under the normal rate. Now we want to file the return for one of Member by including the share of income in AOP and to claim the rebate U/s.86. We are not able the option in the ITR to claim the rebate. Kindly give the suggestion to claim the rebate in the ITR

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 April 2015 where the association or body is chargeable to tax on its total income at the maximum marginal rate or any higher rate under any of the provisions of this Act, the share of a member computed as aforesaid shall not be included in his total income.
As the AOP is taxed under normal rate no rebate can be claimed.
If AOP is taxed at maximum marginal rate then the income from AOP not to be included in the total income. Include it under exempted income.

Querist : Anonymous

Querist : Anonymous (Querist)

24 April 2015 Is there any rebate available to the members of AOP or not u/s.86. IF income of AOP is not charged to tax then only Member's share is included in his Total income.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 April 2015 If only AOP is taxed at maximum marginal rate such income is not to be included in members total income.

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