hello,
i have invested in fd and mutual funds in my son's name who is now 5 years old. he's getting good amount of income from it which exceeds the exempted threshold.
is there any rule stating that i have to show his income attached to mine or can i show his income in my wife's file too?
which clause defines this?
please help me.
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my minor son's income
Replies (5)
under sec 64(1a) you can club your son's income.
or should i club it with my wife's income?
You have option to club your minor son's income either with father or mother. However once opted you have to continue with that and can not change. Mutual fund dividend income (equity oriented) of minor will be exempt in your hands under 10(35)
last year it was clubbed to my wife but this year my income is more than hers. what to do?
Income to be clubbed with your wife
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