Income tax - Minors

This query is : Resolved

Goutham (Querist)
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04 May 2010 Hello,

Im a house wife and I carry a pan card and have never filed any tax as I dont earn, however my husband has made some savings and would want to do a fixed deposit of 1 lakh in the name of our daughter in state bank of india and they require a pan card of the minor.. Is it true? and if she gets a pan card and fd is done on her name , my husband has already paid the taxes, will my daughter will be taxed? I really m confused with this? please explain. Thankyou All

Rahul Gupta

Rahul Gupta (Expert)
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04 May 2010 No PAN card is not compulsory for the minor if there is no taxable income of the minor.
Also, if there is any inetrest income or Tax saving, then that will be clubbed in the income of teh father and accordinlgly the tax benefit can be availed by the father.

CA Shiv

CA Shiv (Expert)
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04 May 2010 Hello, Agreed.
PAN Card is not compulsory. If they are asking for pan card than you can have a FD in joint names of Father and daughter. and the rest will be same as told by rahul...

Tell the mbank manager that, minor dont ahve any taxable income and the interest income will be clubbed with the fathers income. ALso minors income dont exceed the minimum limit.

AND the interest will be taxable in the year of maturity. so no worries for that....

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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05 May 2010 AGREE WITH EXPERTS

Pankaj Jhawar

Pankaj Jhawar (Expert)
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05 May 2010 it cannot be taxed twice. the income will be clubbed in the hands of the father. He will get an exemption of Rs. 1500 per minor

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