Clubbing of Income - Minor
I have 2 kids, both minors right now. Me and my wife are both working in private sector. Suppose I am the higher earner.
1. Will the income of both kids be clubbed with me?
2. Can it be possible if income of 1 kid is clubbed with me and the other with my wife, if we are guardians of the respective kid individually?
Thanks
2. No. In general, not accepted
I have invested in PPF of my minor child, which generates interest that is exempt. Do I need to show this exempt interest in my ITR, if yes in which section?
Thanks
I want to start SSY for my girl child by investing 1.5L by end of april month. I will transfer 1.5L to my daughter's bank account which will then be invested in her SSY.
- The money transferred by me to my daughter will be a gift and will be exempt. Do i need to show anything regarding this gift in my ITR or any documentation to done and maintained?
- Will this gift need to be shown as exempt income in my ITR as my daughter's income is also shown in mine.
B. No, being her guardian, identity remains same.
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