Whether the deduction of Rs.1500/- for each child up to maximum of 2 Children can be deductable from income of minors for the A/y 2008-09 too?
DIPAK AGARWAL (Service) (554 Points)
19 June 2008Whether the deduction of Rs.1500/- for each child up to maximum of 2 Children can be deductable from income of minors for the A/y 2008-09 too?
Shekar
(CA & LCS )
(1109 Points)
Replied 19 June 2008
Yes...Exemption is available inrespect of:
Income of a minor child up to Rs.1,500 in respect of each minor child whose income is includible (CLUBBED WITH INCOME OF HIS FATHER OR MOTHER)under section 64(1A). Section 10(32).
It is apllicable in A.yr-2008-09 also....
CA Atul Gangwar
(Coal India manager)
(100 Points)
Replied 19 June 2008
income of minor child (except some income such as income generate by minor child from manualwork or any activity involving his talent /special knowledge/experiance)will be first included in the income of his parent u/s 64(1a) under other source income then after a deduction of Rs 1500/amount included (which ever is less) in respect of each child will be deductable.
there is no restruction about only two child
Provision about two child is given deduction under head salaries
in respect of childern education allowance 100/month and allowance for hostel expenses300/month maximum two child.
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