The maximum amount on which income tax is NOT chargeable in case of HUF for the Assessment year 2019...........

Finance( Revenue Account ) Banking and Financial system in India

The maximum amount on which income tax is NOT chargeable in case of HUF for the Assessment year 2019-20 under the Income Tax Act is ______.

Rs. 2,50,000

Rs. 3,50,000

Rs. 2,00,000

Rs. 3,00,000

- Hindu Undivided Family (HUF) is a tax entity under Indian tax law.

- For the Assessment Year 2019-20, HUFs have a basic exemption limit similar to individuals below 60 years.

- Option 1: Rs. 2,50,000

- This is the correct exemption limit for HUF for the AY 2019-20.

- Option 2: Rs. 3,50,000

- No category received this specific exemption without deductions or rebates in AY 2019-20.

- Option 3: Rs. 2,00,000

- This was an older threshold for individuals, not applicable for AY 2019-20.

- Option 4: Rs. 3,00,000

- This threshold applies to resident senior citizens (age 60 or more).

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