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Income tax

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Querist : Anonymous

Querist : Anonymous (Querist)

01 October 2016 in whose hands in below cases income is taxable (clubbing provisions)
X made a fixed deposit in a bank and directed bank to transfer interest on it to Y who is grand son of X ,
interest income = 10000
1) Y is a minor child
2) Y is major only
3)interest is transfered to support Y education
(please provide answer with reasons)

CA MANISH SAXENA

CA MANISH SAXENA (Expert)
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01 October 2016 Hi

Income of minor will be clubbed with Parents
Refer section 64(1A)

Thanks

Querist : Anonymous

Querist : Anonymous (Querist)

02 October 2016 then in whose hands income of y will be taxable in the above question (b)

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