Chargibility of income of minor

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 March 2015 Interest income of minor was taxed under parents up to last year .
but now in may 2014 he became major.
now what about the income tax liability of that interest income will be effected for fy 2014-15.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

12 March 2015 after attaining majority now no clubbing provisions shall be applicable and the major himself needs to file itr subject to slab applicable

Querist : Anonymous

Querist : Anonymous (Querist)

12 March 2015 for whole year income will be charged to minor side na.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

12 March 2015 once he becomes major in any month of financial year say fy 2014-15 then full amount earned in fy 14-15 shall be taxable in the hands of major only.

Querist : Anonymous

Querist : Anonymous (Querist)

12 March 2015 ok, thanks for the same.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

12 March 2015 you are welcome friend................

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