Clubbing of Income

This query is : Resolved

Guest

Guest (Querist)

25 May 2009 I want to Know that A Child Income Club with his parents. but if his parents is not live then he Win 10 Lack Prize. is this income is taxable if yes, how?

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
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25 May 2009 Please clear your Q!

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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25 May 2009 first of all there is no age limit in income tax for taxability of income, so minor is also taxable under the income tax act. So this income will be taxable in his hands.

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CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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25 May 2009 The provisions of clubbing will not attract here since winning a prize is on account of personal skill of minor so it will be taxable in his own hands.

Guest

Guest (Querist)

06 July 2009 Thanks