rebate U/s 87A
ram prasad jat (8 Points)
12 July 2019
Who can take rebate u/s 87A and how much for A. yr. 2018-19
ram prasad jat (8 Points)
12 July 2019
Sarath Rajendran
(Nil)
(2791 Points)
Replied 12 July 2019
Resident individual Total income less than or equal to 3,50,000 (Ay-2018-19)
Laxmi Madnani
(25 Points)
Replied 12 July 2019
Om Goyal
(445 Points)
Replied 12 July 2019
PL CLRIFY WHETHER 87-A TAX REBATE IS ALLOWED TO HUF ENTITY ALSO , SINCE IN - S- 87/A - , THE WORD RESIDENT INDIVIDUAL HAS VEEN MENTIONED &
NOT IND. & HUF , OR THE WORD ASSESSE , HAS NOT BEEN MENTIONED .
CAN ANY TAX EXPERT CLARIFY IT
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 12 July 2019
1. From a plain reading of sec 87A rebate under this section will be allowed only for resident Individual to the extent of Rs. 2,500 or the amount of tax liability, whichever is lower. Rebate will be applicable only for Individual having income up to Rs. 3,50,000.
2. Hence, rebate u/s 87A will not be applicable for HUF or any other entity except the individual.
Please correct me if the above solution has an alternative view.
Jatin Gada
(searching job)
(151 Points)
Replied 13 July 2019
Rebate available only if Income is upto 350000/- and Rebate available is Rs. 2500/-
If Income Exceeds 350000/- then rebate is not available.
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