Clubbing of income
This query is : Open
DEEPAK KUMAR BHANSALI
(Querist)
26 July 2017
Whether income is taxable in the hands of person or his minor child?
interest income is received in bank account of person on fixed deposit in the name of his child. Fixed deposit is made from alimony received and only child has right on maturity amount of FD after becoming major.
interest income is received in bank account of person on fixed deposit in the name of his child. Fixed deposit is made from alimony received and only child has right on maturity amount of FD after becoming major.
CA Rashmi Gandhi
(Expert)
26 July 2017
Income taxable in hands of parent.
K Srinivas, CMA CS
(Expert)
27 July 2017
Clubbing provisions do apply. The income will be clubbed to the parent with whom the child is now with
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