Minor income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 July 2011
A minor child is gifted Rs. 100000/- by his maternal grandparents. The amount is put in a FD in the child's name and the child has his/her own PAN. Should the interest on this be clubbed with his parent's income every year? why?
28 July 2011
Yes it should be clubbed with the income of the parent whose income is higher.
Because the Income Tax Act says that minor income will be clubbed with parents.
Because the Income Tax Act says that minor income will be clubbed with parents.
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