Clubbing of income of a minor child
This query is : Resolved
ankur chopra
(Querist)
20 February 2009
Respected Sir,
i want to know a minor child income is taxable or not ? and if it is taxable then what proceedings is followed ? if there is any exemption limit for minor child income
Plz resolved my queries as soon as possible
i want to know a minor child income is taxable or not ? and if it is taxable then what proceedings is followed ? if there is any exemption limit for minor child income
Plz resolved my queries as soon as possible
CA. B.SRINIVASULU
(Expert)
20 February 2009
If the minor child inocome is because of the talent of the minor child, for eg. child artist, gains from shows, etc., where minor child is contributing for getting the income, then the minor child will be treated as a seperate assessee then all exemptions available for individual should be allowed.
If the minor income is because of investments or gifts from others where the income is being generated without the effort of the minor then it should be clubbed with father or mother whose income is high.
If the minor income is because of investments or gifts from others where the income is being generated without the effort of the minor then it should be clubbed with father or mother whose income is high.
20 February 2009
Pl go through section 64(1A)OF THE INCOME TAX ACT,1961, in www.incometaxindia.gov.in
ankur chopra
(Querist)
13 March 2009
Thanks for your kind information
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