My client have 2 son (both below 18). They jointly held a flat received in Gift from her Grand Mother. Flat rent annually received Rs. 384000/- annually from this flat. Some amount gifted by her metrnal Grand Morther and made fixed deposits. Please suggest if they file income tax returns or what tax treatment??
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Can minor file income tax returns ?
Replies (12)
Minor's income should be clubbed with the income of the parent earning more.
Income will be clubbed in parents earning
Minor's income should be clubbed with parents income and at the time of subsequent filing income of such minor should be included with that parents only untill he attains major ...
Yes income of the parent should be clubbed in the income of the parent, whose income is higher.
Yes income of minor should be clubbed in parents income earning higher only until he attain major
What if the parents expired for the same minors. Do they have to file return on their own.
Whats doing when next year income of mother more than father (if first minor income clubbed in father's income).
Dear Chandresh sir
even if next year income of mother is more than father than too clubbing will be done in the hands of mother.. BUT if the AO thinks that it is being done for tax planning than he may if he so desire can club the income in the hands of Father. But it is rarely done...
Dear Gilchrist sir
If parent(s) expires than if minor have any other legal guardian or any representative than s/he will file return on minors behalf otherwise Minor will have to file the return of income with intimation of the same to AO.
IF I AM INCORRECT THAN PLZ LET ME KNOW
| Originally posted by : Chandresh Bardia | ||
 |
Whats doing when next year income of mother more than father (if first minor income clubbed in father's income). |  |
simply it will be clubbed in the mother's income as more than father's income.
And in case if the income of minor is due to skills, it will be clubbed?
income shall be clubbed in the hands of parent(whose total income is higher) after computing the income in the hand of minor.
rental income= 384000-30%-municipal taxes if any.(shall be clubbed under the head huse property of parent)
gift of sum recieved from maternal grand mom shall be taxable u/s 56(2) if amt is more than 50000.(clubbing shall be under the head other sources.)
Rs. 1500/- deduction per child shall be available out of the income clubbed in the hands of the parent.
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