Minor child Fd interest how to clubbing Parents income then which ITR form is possible to filling this case..
6 Replies
CA Mohammed Khalandar
(Practicing Chartered Accountant)
(203 Points)
Replied 24 July 2020
Dear Sir,
Income of minor will be clubbed with the income of that parent whose income (excluding minor's income) is higher.
Thanks & Regards,
Mohammed Khalandar
Chartered Accountant
E-mail : iamkhalandar @ gmail.com
Phone : 7899157078
CA Mohammed Khalandar
(Practicing Chartered Accountant)
(203 Points)
Replied 24 July 2020
Net income from minor investment is exempted upto Rs 1,500 taxable.
The income earned in the name of minor is taxable in the hands of the parents whose income is greater, before adding such income of minor. Such income shall be shown under the head ‘Income from other sources’ and exempted income shall be shown under exempted income.
Income of minor included in the income of the parent is exempt under section 10 (32) of the I-T Act up to `1,500 per minor child.
CA Mohammed Khalandar
(Practicing Chartered Accountant)
(203 Points)
Replied 24 July 2020
Net income from minor investment is exempted upto Rs 1,500 taxable.
The income earned in the name of minor is taxable in the hands of the parents whose income is greater, before adding such income of minor. Such income shall be shown under the head ‘Income from other sources’ and exempted income shall be shown under exempted income.
Income of minor included in the income of the parent is exempt under section 10 (32) of the I-T Act up to `1,500 per minor child.
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 24 July 2020
Income of minor will be clubbed with the income of that parent whose income (excluding minor's income) is higher. ... In case the income of individual includes income of his/her minor child, such individual can claim an exemption under section 10(32)) of Rs. 1,500 or income of minor so clubbed, whichever is less
The applicability of ITR forms varies depending on the sources of income of the parents, the amount of the income earned ect.
The applicability of ITR forms varies depending on the sources of income of the parents, the amount of the income earned ect.
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