shubham (Accounts Officer) (27 Points)
07 January 2015My 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??
Ankush
(Student)
(1309 Points)
Replied 07 January 2015
Rajkumar
(Articled Assistant)
(77 Points)
Replied 07 January 2015
CA Srikanth Yadav
(Chartered Accountant)
(3162 Points)
Replied 07 January 2015
Yes income of the parent should be clubbed in the income of the parent, whose income is higher.
Jaya Sainani
(ca student)
(21 Points)
Replied 07 January 2015
Gilchrist Sarathi
(Assisstant (Audit & Accounts))
(75 Points)
Replied 08 January 2015
Chandresh Bardia
(Corporate Laws and Indirect Tax (GST) Consultant )
(51 Points)
Replied 08 January 2015
CA PRIYANSH SURYAWANSHI
(M.Com M.A. Economics CA)
(1294 Points)
Replied 08 January 2015
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
Arif Ali
(Apt Co Advisory)
(1230 Points)
Replied 08 January 2015
| 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.
sabir nadaf
(karad)
(29 Points)
Replied 17 January 2015
Shivam gupta
(student)
(263 Points)
Replied 29 January 2015
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.)
CS Advocate Abhishek Goyal
(M Com FCS LLB M-AIMA )
(13531 Points)
Replied 12 February 2015
Rs. 1500/- deduction per child shall be available out of the income clubbed in the hands of the parent.
CAclubindia
