clubbing of income
This query is : Resolved
03 December 2010
Business Income earneds by Minor as of regular Purchase and Sale of shares,
Will this business Income will be clubbed in the hands of his parents
Will this business Income will be clubbed in the hands of his parents
03 December 2010
YES.
EXCEPTION
64(1A)
In computing the total income of any individual, there shall be included all such income as arises or accrues to his minor child not being a minor child suffering from any disability of the nature specified in section 80U:
Provided that nothing contained in this sub-section shall apply in respect of such income as arises or accrues to the minor child on account of any - (a) Manual work done by him; or
(b) Activity involving application of his skill, talent or specialised knowledge and experience.
EXCEPTION
64(1A)
In computing the total income of any individual, there shall be included all such income as arises or accrues to his minor child not being a minor child suffering from any disability of the nature specified in section 80U:
Provided that nothing contained in this sub-section shall apply in respect of such income as arises or accrues to the minor child on account of any - (a) Manual work done by him; or
(b) Activity involving application of his skill, talent or specialised knowledge and experience.
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