Respected Sir,
A 11 year child gives 15 lac as Unsecured Loan to his uncle on 01.04.2012 Now his uncle is giving back to him 15 lac with 6% interest.
My question is that income is clubbed with his mother (already Director in many companies) as Taxable income or Exempted income? what is the exemption limit of income from minor head.
with warm regards,
Dinesh Sharma
Dear Dhinesh Sharma
The Income of the Minor is taxable in the hands of either of a Parent Whose Income is More (At the Point of Initial Year). The Exempted Portion of suche income is Rs.1500/- only. If the Assessing officer may consider to assess in the hands of the other Parent at any subsequent point of time considering the Income of those parents at that year
Respected Sir,
Both parents are higher income tax payer. who is responsible for clubbing this income? mother or father? both are directors and have various sources of computed income.
with warm regards,
Dinesh Sharma
Higher Income means here we have to consider the numerical value, 10001 is higher than 10000
Respected Sir,
Sorry for my mistake but i want to say that both parents have income of Rs.8 lac and now income from minors is coming in father's income of mother's income?
with warm regards,
Dinesh Sharma
Here, the Choice is Yours. The Department is Not to Lose any thing. The rationale behind the Clubbing of Income is no lose to the Government
| Originally posted by : dinesh sharma | ||
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Respected Sir, Sorry for my mistake but i want to say that both parents have income of Rs.8 lac and now income from minors is coming in father's income of mother's income? with warm regards, Dinesh Sharma |
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if both mother and father having same income than clubbing of income with any of them does not alter tax liability. So its a matter of choice.
Source: https://www.indiantaxupdates.com/2012/10/19/clubbing-of-income-of-minor-section-641a/
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