10 January 2009
I know that income of minor is clubbed with that of parent. But suppose minor has a income of 5000/- and have made an investment by herself in Infrastructure Mutal Fund of Rs.50000/- u/s 80(C). Then will in the hand of the parent the income of 5000/- be clubbed. Will the parent get the benefit u/s 80(C) for investment made by Minor. Or is it in this case that the minor's taxable income is nil. Rs. 5000/- income less 50000/- investment = zero. So no amount would be clubbed. Which course of action should be taken.
CAclubindia
