INCOME OF MINOR CHILD FROM SAVING A/C BANK INTEREST IS TAXABLE OR NOT ?
BELOW 1500/- IT IS EXEMPTED OR NOT ?
Income taxable. Exemption upto Rs. 1500 available.
Income Taxable. Exemption upto Rs.1,500 per child under section 10 is available.
yes it is taxable and it shall be clubbed in the income of mother or father whosoever has higher income.
exemption shall be allowed u/s 10(32) to the extent of 1500 p.a. per minor child.
agreed with experts. Clubbing provision will be applicable in this case.
It will be clubbed in the income of mother or father whose income is higher.
Exemption rs. 1500 p.a per minor child allowed u/s 10(32)
since income in form of interest from saving accnt is nt earned by a child by his own knowledge skill or manual labour, hence it is taxable by clubbing with one of the parent's income.
Income will be clubbed in the Income of either parent who's income is higher in first year of clubing.
Exemption shall be allowed u/s 10(32) to the extent of 1500 p.a. per minor child.
Exemption allowed upto Rs 1500 pa. To be clubbed in the income of mother or father, whichever income is higher.
UPTO 1500 IT IS EXEMPT
OTHERWISE TAXABLE IN THE INCOME OF PARENTS
HOWEVER, IF THE CHILD IS HANDICACAPPED OR DISABLED PHYSICALLY, THAN INCOME WILL NOT BE CLUBBED
THIS IS AS PER MY OPINION
Your are not logged in . Please login to post replies
Click here to Login / Register
view more »
Our Network Sites
Alternatively, you can log in using:
Join CAclubindia.com and Share your Knowledge. Registered members get a chance to interact at Forum, Ask Query, Comment etc.