Hello members,
kindly suggest any member of AOP can claim rebate u/s 87A in his return. thanks beforehand.
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Can a member of AOP claim rebate u/s 87 A in his income
Replies (7)
Quick Summary
Yes rebate can claimed by AOP member
Rebate is only for individual not to anyone else including AOP
Rebate is applicable u/s 86
In case total income of PFAOP/AOP is not taxable at MMR or any other rate higher than MMR—the share of income of a member of PFAOP/AOP shall be added in his total income and shall be eligible for rebate of tax at average rate on such share.
In case total income of PFAOP/AOP is taxable at MMR or a higher rate —the share of income of a member from such PFAOP/AOP shall not be included in the total income of such member.
In case total income of PFAOP/AOP (which does not have any member whose individual income exceeds Rs. 2,50,000) is not taxable at all—the share of income of a member from such PFAOP/AOP shall be fully added in the individual income of such member and is fully taxable. No rebate of tax in this case.
In case total income of PFAOP/AOP is not taxable at MMR or any other rate higher than MMR—the share of income of a member of PFAOP/AOP shall be added in his total income and shall be eligible for rebate of tax at average rate on such share.
In case total income of PFAOP/AOP is taxable at MMR or a higher rate —the share of income of a member from such PFAOP/AOP shall not be included in the total income of such member.
In case total income of PFAOP/AOP (which does not have any member whose individual income exceeds Rs. 2,50,000) is not taxable at all—the share of income of a member from such PFAOP/AOP shall be fully added in the individual income of such member and is fully taxable. No rebate of tax in this case.
If aop member total income is rs. 5.5 lakh but he is eligible to get rebate tax under section 86 now can he claim rebate u/s 87?
No he cannot claim rebate u/s 87 as he is availing rebate u/s 86
Individual can claim 87A in his return provided his total income is below 500000
Hello, If an AOP has incurred loss, can that loss amount be divided amongst the AOP members (in their personal ITR) as per their determined share?
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