Respected Sir,
Plz Help, I have one question related to exemption for senior citizen for A.Y. 2011-2012
My grand father completed 65 years on 30 June 2011, than what is the minimum exemption can be claim in current A.Y. whether Rs. 160000 or Rs. 240000....
For claiming SC exemption limit for AY 11-12, the assessee should be of the age of 65 yrs or more at any time during FY 10-11. Since in this case, 65 yrs is being completed in June 2011, the said benefit would not be available and the basic exemption would be Rs.160000
your grandfather turns 65yrs during f.y 2011-2012 ,so he is eligible for exemption of Rs 240000 /- in the a.y 2012-2013 & for a.y 11-12 his limit will be Rs 160000/-.................
CAclubindia
