Clubbing of income
This query is : Resolved
15 October 2011
interest on capital receive by a minor from a firm Rs 24000.the capital was invested out of the minors own fund Rs 150000 how much amt. clubbed under hand of parrent after allowing Rs 1500 ded. u\s 10(32).
15 October 2011
Here the clubbing provision will be applied and Rs.22500 will be clubbed in the hands of parent whose total income is higher( excluding this income)Provided this income is not earned by minor by applying his own skill, talent or specialised knowledge
15 October 2011
m satisfied with ur ans. bt in practical Qs. book of ajay jain treated dis as
Rs 150000*12% =18000-sec10(32) RS 1500=Rs16500
Rs 150000*12% =18000-sec10(32) RS 1500=Rs16500
15 October 2011
The answer given in the book is correct as max of 12% interest is allowed as deduction to partnership firm and that amount only is chargeable to tax in the hand of partner.
15 October 2011
Thank you so much for your support dis is my first quarry got completely solved, Plz consider my next Q, Amit buy a House property for Rs 35000 from his freind which Market value is Rs 600000 ,how much amt. & under which head IOS or Cap gain the Amt. is taxable
15 October 2011
Finance Act 2010 has retrospectively omitted Sec 56(2)(vii)(b)(ii) and therefore purchase of immovable property for a lower price would not be taxable in hands of Amit.
15 October 2011
Thanks a lot richa je
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