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Income tax exemption for senior citizen

Tax queries 1207 views 4 replies

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....

Replies (4)

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

he is not a senior citized for a/y 2011-12 so basic exemption limit for him is 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/-.................

and you can calculate your tax at https://taxbykk.blogspot.com/


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