When minor becomes major at anytime previous year lets say on 1/1/08 during previous year 2007-08 whether his income would be clubbed with the income of his parents or whether he has to file seperate return of income if his income during the previous year exceeds maximum amount not chargeable to tax as he is now major or whether his income would be divided into two parts,upto the date he attains majority his income would be clubbed with income of his parents and after the date he has attain majority he has to file seperate return of income?
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Minor becoming major.Tax consequences
Replies (4)
Your status as at the end of the Financial year is to be examined and if you are major then income to be assessed separetly.
where in income tax act it is quoted that we have to see the status as on the end of FY
For defining a senior citizen, the words used are "an individual who attains the age of 60 years at any time during a financial year".. so the same should apply to a minor attaining majority too.
But the AO is of the other opinion. He is not satisfied because nowhere in law or rules it is written for minor.
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