minor income
This query is : Resolved
07 July 2011
which types of income can be clubbed to the natural guardian? pls explain it
07 July 2011
all income which accrues or arise to the minor shall be clubbed in the income of his parent. (Section 64(1A)
However, such individual is entitled to an exemption of Rs.1500/- in respect of each monor child if the income of such minor includible under section 64(1A) exceeds that amount.
However, such individual is entitled to an exemption of Rs.1500/- in respect of each monor child if the income of such minor includible under section 64(1A) exceeds that amount.
07 July 2011
The following will not be clubbed in the hands of any of his parent-
A. In case the minor child is suffering from any physical disability (as specified in Section 80U)
Any of his income will not be clubbed.
*
B. Income arising to minor due to manual work done by him
*
C. Income arising to the minor due to an activity involving application of his skill, talent or specialised knowledge and experience.
*
Except the above types of income, all other income like interest, etc will be added in the income of his parent.
A. In case the minor child is suffering from any physical disability (as specified in Section 80U)
Any of his income will not be clubbed.
*
B. Income arising to minor due to manual work done by him
*
C. Income arising to the minor due to an activity involving application of his skill, talent or specialised knowledge and experience.
*
Except the above types of income, all other income like interest, etc will be added in the income of his parent.
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