Deduction u/s 54ec in case of ltcg of minor child

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

23 June 2016 Whether the assessee and his minor child can avail the deduction u/s 54EC ie. Rs. 50.00 Lac separatelly. For example if father and his son both have LTCG of Rs. 1 Cr. can they are eligible for deduction of Rs. 50.00 Lac u/s 54EC seprarattly?

Rupesh Jain

Rupesh Jain (Expert)
Follow

23 June 2016 yes they can get the benefit of that section........

Querist : Anonymous

Querist : Anonymous (Querist)

23 June 2016 Sir, How can I fill the detail. Because if I enter the deduction amount it restrict the amount to Rs. 50 Lac.

Rupesh Jain

Rupesh Jain (Expert)
Follow

23 June 2016 you have to file separate return of each, due to you tell each earn separately, its means son have separate income from father, they have separate PAN.

Querist : Anonymous

Querist : Anonymous (Querist)

23 June 2016 Both have separate PAN. But child is minor and he has only LTCG. So I think he can not file his return individually.

Rupesh Jain

Rupesh Jain (Expert)
Follow

24 June 2016 sir under income tax there is no age specified for the assessee.

Querist : Anonymous

Querist : Anonymous (Querist)

25 June 2016 It mean if a minor child have its own income may be from capital gain or other sources, he can file his separate return of income ?

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now