CAN CLUBBED INCOME OF MINOR BE SET OFF AGAINST HIS OWN LOSS?
EXAMPLE:-
MR. X HAS STCG 15000.
SON OF MR. X HAS STCG OF 1200 AND STCL OF 200.
SON OF MR. X’S INCOME WILL CLUBBEDE WITH INCOME OF MR. X.
HOW WE CAN DEAL WITH IT?
WHAT IF MINOR HAS LTCG & STCL INSTEAD OF STCG & STCL.
first you need to compute Income/loss of minor by applying provisions of the Income Tax Act, and then clubbing provisions to be applyed. hence while computing Income Setting off provisions needs be applyed.
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