An HUF, resident in India, has a gross total income of ₹5,40,000 for the assessment year 2015-16. It made a payment of ₹50,000 for life insurance premium of one of its members. Whether the HUF is entitled to claim the re
CS Professional · Advanced Tax Laws and Practice · PYQS · June 2015
An HUF, resident in India, has a gross total income of ₹5,40,000 for the assessment year 2015-16. It made a payment of ₹50,000 for life insurance premium of one of its members. Whether the HUF is entitled to claim the rebate as per section 87A ?
Answer & Explanation:
As per the provisions of section 87A of Income Tax Act, the rebate under section 87A is available to an individual resident in India, whose total income does not exceed five hundred thousand rupees. Thus, it is not available to HUF and HUF is not entitled to claim the rebate under the said section.
Topics: Income Tax
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