Rahul (Partner) (67 Points)
14 March 2012If 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
CA Vanamala Phani Kumar
(Proprietor of M/s Vanamala and Co)
(972 Points)
Replied 14 March 2012
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
Pooja Jindal
(Student)
(36 Points)
Replied 14 March 2012
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%
Akhilesh Kapadia
(Employee)
(106 Points)
Replied 14 March 2012
CA sumit chejara
(ca final)
(99 Points)
Replied 15 March 2012
Dear there is no any relation of HUF with KARTA, hence the normal slab rate will be apply i.e. Rs 180000
Jayprakash Patel
(Senior Account Executive)
(75 Points)
Replied 15 March 2012
yes there are normal slab are applicable to HUF's karta bcoz HUF and karta are seperate from each others.
Sonam Bidasaria
(CA)
(770 Points)
Replied 15 March 2012
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.
deepak
(Chartered Accountant Company Secretary)
(94 Points)
Replied 17 March 2012
Yep no extra benefit will be given if the karta is Sr. citizen.. Normal rates will be applied irrespective of age of karta
CAclubindia
