If HUF is under the tax rates which are applicable for an individual, then if the Karta of the HUF is a senior citizen, will the tax slab to be followed is of senior citizens??? i.e upto 2,40,000 exemption......
Please, I need an advice in this regard
Thank you
Clearly mentioned in Act that slab rates applicable for Rates which are applicable for Individul (Age below 60 years )
There is no special rates for HUF and there is difference in treatment of assesable income for HUF and Individual
Tax Rate applicable for HUF is same as applicable to non senior male Citizen and for A.Y. 2012-13, following Tax slab are applicable :
Upto Rs.180000 : Nil
Rs.180001 to Rs.500000 : 10%
Rs.500001 to Rs.800000 :20%
Above Rs.800000 :30%
Dear there is no any relation of HUF with KARTA, hence the normal slab rate will be apply i.e. Rs 180000
yes there are normal slab are applicable to HUF's karta bcoz HUF and karta are seperate from each others.
All the aforesaid answers are correct as far as taxability of income HUF is concerned. Just want to mention that the basic exemption limit for senior citizen has been increased to Rs. 2.50 lacs from 2.40 lacs w.e.f A. Y 2012-13.
Yep no extra benefit will be given if the karta is Sr. citizen.. Normal rates will be applied irrespective of age of karta
CAclubindia
