Clubbing of Income
This query is : Resolved
Guest
Guest
(Querist)
25 May 2009
I want to Know that A Child Income Club with his parents. but if his parents is not live then he Win 10 Lack Prize. is this income is taxable if yes, how?
25 May 2009
Please clear your Q!
CA Tilak Raj Sharma
(Expert)
25 May 2009
first of all there is no age limit in income tax for taxability of income, so minor is also taxable under the income tax act. So this income will be taxable in his hands.
CA Nitin Wadhwani
(Expert)
25 May 2009
The provisions of clubbing will not attract here since winning a prize is on account of personal skill of minor so it will be taxable in his own hands.
Guest
Guest
(Querist)
06 July 2009
Thanks
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