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INCOME OF MINOR CHILD

SUNNY (STUDENT CS) (377 Points)

19 August 2010  

INCOME OF MINOR CHILD FROM SAVING A/C BANK INTEREST IS TAXABLE OR NOT ?

BELOW 1500/- IT IS EXEMPTED OR NOT ? 


 16 Replies

Aditya Maheshwari (CA in Practice) (35812 Points)
Replied 19 August 2010

Income taxable. Exemption upto Rs. 1500 available.


(Guest)
Originally posted by : Aditya Maheshwari

Income taxable. Exemption upto Rs. 1500 available.

CA HARISH KUMAR (ACA, B.Com(Hons.)) (80 Points)
Replied 19 August 2010

Income Taxable. Exemption upto Rs.1,500 per child under section 10 is available.

Mohit paliwal (ca-final) (62 Points)
Replied 19 August 2010

yes it is taxable and it shall be clubbed in the income of mother or father whosoever has higher income.

exemption shall be allowed u/s 10(32) to the extent of 1500 p.a. per minor child.

CA. BIJENDER KR. BANSAL (ACA, B.COM) (8118 Points)
Replied 19 August 2010

agreed with experts. Clubbing provision will be applicable in this case.

It will be clubbed in the income of mother or father whose income is higher.

Exemption rs. 1500 p.a per minor child allowed u/s 10(32)

Surabhi Rajora (none) (72 Points)
Replied 19 August 2010

since income in form of interest from saving accnt is nt earned by a child by his own knowledge skill or manual labour, hence it is taxable by clubbing with one of the parent's income.

Rishab (A.C.A.) (155 Points)
Replied 19 August 2010

Income will be clubbed in the Income of either parent who's income is higher in first year of clubing.

Exemption shall be allowed u/s 10(32) to the extent of 1500 p.a. per minor child.


CA Mayank Tulsyan (B.Com(H), ACA) (274 Points)
Replied 19 August 2010

Exemption allowed upto Rs 1500 pa. To be clubbed in the income of mother or father, whichever income is higher.

Dheeraj (Learner) (1100 Points)
Replied 19 August 2010

UPTO 1500 IT IS EXEMPT

OTHERWISE TAXABLE IN THE INCOME OF PARENTS

 

HOWEVER, IF THE CHILD IS HANDICACAPPED OR DISABLED PHYSICALLY, THAN INCOME WILL NOT BE CLUBBED

 

THIS IS AS PER MY OPINION

B SIVA KUMAR (article assisstant) (42 Points)
Replied 20 August 2010

Income Taxable. Exemption upto Rs.1,500 per child under section 10(32) is available.


 

CA Madhukiran Reddy (CHARTERED ACCOUNTANT) (12714 Points)
Replied 20 August 2010

INCOME IS TAXABLE AND EXEMPT UPTO 1500 PER CHILD

CA Madhukiran Reddy (CHARTERED ACCOUNTANT) (12714 Points)
Replied 20 August 2010

MAXIMUM OF TWO CHILDS

saurabh toshniwal (ca final) (2353 Points)
Replied 20 August 2010

interest income is taxable & exemption is available upto rs.1500 per child

Max Payne (employed) (2569 Points)
Replied 20 August 2010

Hi, clubbing provisions will be attracted, 

even if the income from which the deposit is made, cannot be clubbed in the hands of the parent. 

(say, if the income for making the deposit was received by minor by application of skill)

 

Exemption of Rs1500 or income clubbed, whichever is lower, shall be available u/s 10(32)

No clubbing if child suffers from disability specified u/s 80U.

 

Clubbing shall be in the hands of the parent whose Total income is higher before clubbing applied. Once it is clubbed in the hands of that parent, it shall be clubbed in the hands of only that parent for any subsequent year till the minor attains majority. Only if the AO is convinced otherwise, it can be clubbed in the hands of the other parent in a subsequent year

 

Where the marriage of parents does not subsist, the clubbing shall be in the hands of the parent who maintains the child.

 

Where the minor child's parents have passed away, clubbing provisions do not attract.

Clubbing of income includes clubbing of losses of the minor.

 

Sorry. Kuch zyada hi bol diya.


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