15 January 2015
I inherited 10 acres of wet agricultural land and a house from y father. My family consists of a son and two daughters. Myself as KARTA and my wife and son as members, I opened an HUF account. for this financial year 2014-15 my net agricultural income is 1.5 lakhs and bank interests 1.5 lakhs . I am aged 82 yrs. My query is : What is the basic exemption I am eligible to : 2.5: 3.0: 5.0 lakhs ! Is my agricultural income eligible from tax exemption !
CAclubindia
