One of our client having minor
child. He wants file income tax return for his child, by showing gift from relatives, what is the status it is already exempted income even it should be includable in hands of parents or we can file in mionr name showing same as income from other sources.
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mionr return
Replies (4)
it should be clubbed in the hands of the parent whose income is greater than the other parent
Even exempted income should include??
show it as exempt income but show the amount in the return
You can't file return in Minor's name
Income of minor you have to club either with mother or father at your option and you have to continue that in future
Income of minor is exempt upto 1500/-
Gifts received by minor from relatives are capital receipts and that's why it's not to be shown anywhere in the ITR of concerned parent.
Income of minor you have to club either with mother or father at your option and you have to continue that in future
Income of minor is exempt upto 1500/-
Gifts received by minor from relatives are capital receipts and that's why it's not to be shown anywhere in the ITR of concerned parent.
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