Presently for the financial year 2014-2015 the exemption limit for individual or an HUF is Rs. 2,00,000 it is high time that tax payers have a separate and independent income-tax file for every member of the family and thus enjoy tax free income for every member to the tune of `2,00,000. Women tax payers, moreover, will also enjoy exemption limit of `2,00,000. Similarly, the senior citizens (age 60 to 80 years) would really be very happy with an exemption limit of `2,50,000. However, the happiest would be very senior persons (age above 80 years) as they would enjoy tax exemption limit of `5,00,000 for the F.Y. 2012-20 13. |
