minor child attains majority
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 January 2011
A minor attains majority in the mid of a financial year. He is given interest on 31 march every year.Will the interest accrued be calculated and clubbed in the hands of his parent till he attains majority? please explain.
28 January 2011
If a minor attains majority on any day during the financial year, any income earned by him during that financial year will taxed in his hands only even some of the income he earns before attaining maturity.
28 January 2011
At the time the child becomes major, the income earned till the date the child turns 18 is to be clubbed. In case of earning from business of minor, the profits for the year in which he / she turns 18 would not be clubbed, since they would accrue on the last day of the year.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR 2 Short Term gain & Long term gain
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR returnFY25-26
- ITR 1: Details for showing Exempt Income
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Reporting Income under Section 44ADA
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- Tax liability on income of freelancer
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
