Minor Income
This query is : Resolved
10 January 2011
There is minor child resident in India. Both the parents are non
resident living abroad. The minor child has fixed deposit in foreign
bank outiside India. The minor child files return of income offering
such income earned outside India. His parents filed respective return
declaring income earned in India. The A.O. refers to Sec 64(1A) and
Sec 5 and decides to club the minor interest income earned outside
india in the Total Income of Father. So Advice
resident living abroad. The minor child has fixed deposit in foreign
bank outiside India. The minor child files return of income offering
such income earned outside India. His parents filed respective return
declaring income earned in India. The A.O. refers to Sec 64(1A) and
Sec 5 and decides to club the minor interest income earned outside
india in the Total Income of Father. So Advice
10 January 2011
The AO cannot do this as they are non residents and this income will partake the character of income earned outside india which will not be taxable for non residents.
It can be assessed only in the hands of the minor.
It can be assessed only in the hands of the minor.
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