Deduction u/s 54ec in case of ltcg of minor child

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

23 June 2016 Whether the assessee and his minor child can avail the deduction u/s 54EC ie. Rs. 50.00 Lac separatelly. For example if father and his son both have LTCG of Rs. 1 Cr. can they are eligible for deduction of Rs. 50.00 Lac u/s 54EC seprarattly?

Rupesh Jain

Rupesh Jain (Expert)
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23 June 2016 yes they can get the benefit of that section........

Querist : Anonymous

Querist : Anonymous (Querist)

23 June 2016 Sir, How can I fill the detail. Because if I enter the deduction amount it restrict the amount to Rs. 50 Lac.

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Rupesh Jain

Rupesh Jain (Expert)
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23 June 2016 you have to file separate return of each, due to you tell each earn separately, its means son have separate income from father, they have separate PAN.

Querist : Anonymous

Querist : Anonymous (Querist)

23 June 2016 Both have separate PAN. But child is minor and he has only LTCG. So I think he can not file his return individually.

Rupesh Jain

Rupesh Jain (Expert)
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24 June 2016 sir under income tax there is no age specified for the assessee.

Querist : Anonymous

Querist : Anonymous (Querist)

25 June 2016 It mean if a minor child have its own income may be from capital gain or other sources, he can file his separate return of income ?