Income tax

This query is : Resolved

Mohamed Naveed (Querist)
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07 December 2012 I have the following query

Background
1. My client Indian Nationals, have inherited a property from their ancestors in Saudi Arabia. After many year of dispute, they have managed to establish their rights as legal heirs of the property and have take control of property.

2. As per the will of the ancestor each member of the family is entitled to equal share in the property income.
3. The income to be distributed will be after adjusting all expenses (it is a hotel property)
3. The manager appointed to manage the property will repratriate the proceeds of the income after all expenses to India

The query is as under

1. Whether the person receiving income in India will have to pay tax on the income so received

2.Whether income received by minor as his share will be taxed seperately or income will be clubbed with father

Awating feedsback on the same

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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07 December 2012 1. taxability of the income will depend on the residential status of the person.

If he is a resident, then his global income is taxable.

2. Income of minor will be clubbed with the income of the parent whose total income is higher. Deduction of Rs. 1,500 is available from such income.

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