Chargibility of income of minor

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

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