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Discussion > Income Tax > Others >

INCOME OF MINOR CHILD

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STUDENT CS


[ Scorecard : 361]
Posted On 19 August 2010 at 13:29 Report Abuse

INCOME OF MINOR CHILD FROM SAVING A/C BANK INTEREST IS TAXABLE OR NOT ?

BELOW 1500/- IT IS EXEMPTED OR NOT ? 


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Aditya Maheshwari
CA in Practice


[ Scorecard : 34893]
Posted On 19 August 2010 at 13:45

Income taxable. Exemption upto Rs. 1500 available.





Member (Account Deleted)
ALWAYS READY TO LEARN NEW THINGS


[ Scorecard : 10481]
Posted On 19 August 2010 at 13:46

Originally posted by : Aditya Maheshwari

Income taxable. Exemption upto Rs. 1500 available.



CA HARISH KUMAR
ACA, B.Com(Hons.)


[ Scorecard : 80]
Posted On 19 August 2010 at 13:52

Income Taxable. Exemption upto Rs.1,500 per child under section 10 is available.




Mohit paliwal
ca-final


[ Scorecard : 45]
Posted On 19 August 2010 at 14:56

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.




CA. BIJENDER KR. BANSAL
ACA, B.COM


[ Scorecard : 7832]
Posted On 19 August 2010 at 15:39

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)




Surabhi Rajora
none


[ Scorecard : 72]
Posted On 19 August 2010 at 17:48

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.




Rishab
A.C.A.


[ Scorecard : 155]
Posted On 19 August 2010 at 18:49

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.





Mayank Tulsyan
CA FINAL, B.COM(Hons)


[ Scorecard : 208]
Posted On 19 August 2010 at 19:26

Exemption allowed upto Rs 1500 pa. To be clubbed in the income of mother or father, whichever income is higher.




Dheeraj
Learner


[ Scorecard : 1075]
Posted On 19 August 2010 at 21:42

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



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