Income taxability
This query is : Resolved
18 April 2014
The assessee became major on 14/12/2013.He earned bank interest from 1/04/13 to 31/03/2014,he if filling his return.Whether bank interest earned up to his becoming major is taxable in the hands of farther or the entire income from 1/04/2013 to 31/03/2014 included in the income of assessee
18 April 2014
It should b included in the income of the assessee n not to b clubbed in the income of father.
18 April 2014
there is an ambiguity regarding the clubbing of income in the year in which the minor turns major.
the principal that the whole of income should not be clubbed is something similar to treating a person senior citizen even if he/she turned 60 mid year.
however, I don't think this principal applies to clubbing of minor's income. Income earned till date of turning 18 should be clubbed and subsequent should be reflected in the individual's return.
Similar view was expressed by Suresh Surana at https://www.moneycontrol.com/news/tax/clubbingminors-income-_594231.html
the principal that the whole of income should not be clubbed is something similar to treating a person senior citizen even if he/she turned 60 mid year.
however, I don't think this principal applies to clubbing of minor's income. Income earned till date of turning 18 should be clubbed and subsequent should be reflected in the individual's return.
Similar view was expressed by Suresh Surana at https://www.moneycontrol.com/news/tax/clubbingminors-income-_594231.html
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