Journal entry
This query is : Open
12 June 2015
if a minor child receiving fixed deposit income which is to be clubbed with her father's income,then how we will pass the journal entry in the books of her father ??
CA. Sunil Gokhale
(Expert)
12 June 2015
Why exactly do you want to pass a journal entry? It would be better if you clarify this. The interest must have been credited to the savings account of the minor opened jointly with a guardian so simply show the income in the ITR of the father, that's it. Father can claim exemption of Rs.1,500.
13 June 2015
so we no need to pass any entry for that in the books (tally) like tranfer.
CA. Sunil Gokhale
(Expert)
13 June 2015
What exactly do you mean by transfer? Is the amount large and has it been brought into the business of the father. If it has even then it can be shown as capital introduced by the father. Are accounts being maintained for each tax paying individual in the family? Or is this about business accounting about the father?
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