Filling itr2 including interest income of minor child

ITR Filing 1712 views 3 replies

Hitesh Gupta

Others

25 Points Posted on 27 July 2014

Hi,

I am filing my ITR form 2 in the java utility and here is my question with respect to filing the ITR2 form with interest income of my minor child.

My SB interest - Rs. A < 2500

My FD interest - Rs. B < 1500

My Son's SB interest - Rs. C < 200

My Son's FD interest - Rs. D. < 3200

My Questions:

1) What amount should be filled in Schedule OS 1b (Interest Gross)?

2) What amount should be filled in Schedule VI A .p (80TTA)?

3) What amount should be filled in Schedule SPI (Income of Specified Person) against my son's name? Should it be a) Rs.D or b) Rs. D+ Rs. C or c) Rs. D+ Rs. C - Rs.1500

Basic reason for asking above questions is:

1) No matter what amount I fill for Q3, the tax amount is not getting changed.

2) Where should I mention the Rs. 1500 deduction (or exemption) allowed for income of minor child.

Thanks.

Replies (3)

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Posted on 27 July 2014

1. intt. will be total of A + B + C + D..... 2. under 80tta - A+C..... 3. minor son is not a specified person, so you dont need to fill that schedule. deduction of 1500 can be directly reduced from total of son's intt and only net will be shown.

Hitesh Gupta

Others

25 Points Posted on 28 July 2014

Originally posted by : Tribhuvan Aditya Singh
	deduction of 1500 can be directly reduced from total of son's intt and only net will be shown.

Hi Tribhuvan. Thank for the the reply.

1) From above, I understand that Ans for 1 should be A+B+C+D-1500, else tax will be calculated for Rs 1500 also.

2) The Java utility for ITR states that "Income of specified persons (spouse, minor child etc) includable in income of the assessee (income of minor child, in excess of Rs. 1500 per child to be included.