Minor income

This query is : Resolved

ashish (Querist)
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20 May 2015 say,there is any interest income on fd accrued to minor....when filling return, minor income is clubbed with parent......... while preparing personal balancesheet...whether such income to be shown as capital of minor or parent....????

CA Yugal Purohit

CA Yugal Purohit (Expert)
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21 May 2015 Only income is clubbed and shown in parents income tax computation,but asset should be shown in minor's balancesheet. Balancesheet should be prepared saparetely of both (minor& parents),it is not to be clubbed.