I have purchased some land property with construction over it in name of my minor son who is 15 years old. There is a rental income from this property. After attaining majority of my minor son, will the income from that house property be clubbed with my income or will it purely be the income of my son?
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Asset purchased in name of minor
Replies (2)
Before attaining majority i.e Before 18 years income on Rental Property is to be clubbed with your income & after becoming major, Rental Income will not be added it is purely his income.
Agree with Rahul Shah.
Also, maximum exemption of Rs.1500 is allowed where the income of minor is clubbed. So, you can take this benefit.
Also, maximum exemption of Rs.1500 is allowed where the income of minor is clubbed. So, you can take this benefit.
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