Taxable income
This query is : Resolved
11 January 2012
MISS FEMINA AGED 17, IS MARRIED TO MR MASCULINE, HER MOTHER ALONE IS ALIVE , INCOME BY WAY OF INTEREST ON BANK BALANCE OF MISS FEMINA WILL BE...
1)ASSESSED TO TAX IN THE HANDS OF MR MASCULINE.
2)ASSESSED TO TAX UB THE HANDS OF HER MOHER.
3) TAXABLE IN HER OWN HAND
4)NONE OF THE ABOVE
1)ASSESSED TO TAX IN THE HANDS OF MR MASCULINE.
2)ASSESSED TO TAX UB THE HANDS OF HER MOHER.
3) TAXABLE IN HER OWN HAND
4)NONE OF THE ABOVE
16 January 2012
As per Section 64(1A), income of a minor child shall be taxable in the hands of the parent whose income is higher.
So, in this case, the income of Miss Femina shall be taxable in the hands of her mother (as the mother is the only alive parent).
The income shall not be taxable in the hands of her husband.
So, in this case, the income of Miss Femina shall be taxable in the hands of her mother (as the mother is the only alive parent).
The income shall not be taxable in the hands of her husband.
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