Income tax - Minors
This query is : Resolved
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
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
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.
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.
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....
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....
05 May 2010
AGREE WITH EXPERTS
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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