Taxable limit for huf

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For the financial year 2020-2021, both HUFs and individuals under 60 had the same basic taxable income limit of £2,50,000. However, tax rebates under Section 87A are only available to individuals, not HUFs, if their total income does not exceed £5 lakh. This rebate can reduce an individual's tax liability to nil, up to a maximum of £12,500.

ARUN GUPTA

ARUN GUPTA (Querist)
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25 September 2021 What is Taxable limit of Income for fy 2020-2021 for Huf and Individual? Are both have same limits?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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25 September 2021 At present, the maximum amount not chargeable to tax under IT act for HUF and individuals below 60 years of age is Rs. 2,50,000/-

ARUN GUPTA

ARUN GUPTA (Querist)
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25 September 2021 Is Tax rebate available for Individual and Huf whose Income is above 2.5 Lakhs?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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25 September 2021 Only to individuals....
Not to HUF...

ARUN GUPTA

ARUN GUPTA (Querist)
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25 September 2021 How much Tax rebate to individuals?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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25 September 2021 You can claim an income tax rebate under section 87A if your total income does not exceed Rs 5 lakh in a financial year. Your income tax liability becomes nil after claiming the rebate under section 87A. (i.e. maximum amount Rs. 12,500/-)

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