Clubbing of income for the ay 2011-12
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 February 2014
For the AY 2011-12 the threshold limit for declaring income under 44AD is Rs.60Lakh. Incase the assessee has had a total turnover of Rs. 40Lakh and his 2 minor children have had a total turnover of Rs.20Lakh each, from the business which he runs on thier behalf. Then, can he still declare the income under 44AD even if it exceeds the limit.
If no,then, should the income from minor child be shown under income from other sources with only the income part?
How is clubbing of income to be done in such a case?
If no,then, should the income from minor child be shown under income from other sources with only the income part?
How is clubbing of income to be done in such a case?
18 February 2014
given that clubbing is done under the same head under which it is earned...so you may very well be not allowed to file under 44AD.
lets see how other experts comment on this.
lets see how other experts comment on this.
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