murlimanohar maheshwari (6 Points)
31 October 2017Property which purchase in the name of Minor child and which become major then income from rent in which hand taxable ..... Major child or Parents.
Father show property in his book but return not audited.
Kindly suggest
Prajjwal Kaushik
(Finance Professional)
(6216 Points)
Replied 14 December 2017
Income of the minor child has to be clubbed in the income of parent having higher income, only up to the age where he doesn't attain the age of 18.
Once he attains that age, all the incomes shall be treated as his own income and shall be made taxable in his own hands.
CAclubindia
