04 October 2008
Income of the minor is clubbed with the income of the parent. In case the minor attains the age of 18 years during the year, say 31st August,2007 and interest on FD for the FY 07-08 is 36000 and a gift of Rs. 90000 is received by minor on 31.05.2007 and another for Rs 30000 on 01.01.2008 and both the donors are not relatives.
How the income will be computed?
In whose hands the above income will be taxed?
Who can claim the deduction of Rs 20000 invested in NSCs on 30.06.2007?
04 October 2008
The entire gift of Rs 90000 and income for the period 31-05-2007 to 30th August 2007 if any arising on Rs 90000 is includible in the income of parent. Proportionate interest on FD of Rs 36000 for the period 1-04-2007 to 30th August 2007 is also includible. NSC is also deductible.
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