Clubbing of income

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rakshay

rakshay (Querist)
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12 January 2016 in the case of clubbing: Which Income (Gross income or Net income) are clubbed in the parent income.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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12 January 2016 Need to club the net income.

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rakshay

rakshay (Querist)
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12 January 2016 sir , if minor income from interest on FD is rs 145000 and during the year minor father invest in PPF A/c of rs 120000 (in the name of minor) . so, minor income club in parent only rs 25000

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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13 January 2016 If 1,20,000 is invested out of 1,45,000, then club only 25,000.

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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14 January 2016 In this case, gross income (ie., 1,45,000) is to be offered under the head 'income from other sources' and to be clubbed with parent's income.

I stand corrected . Inconvenience is regretted.

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rakshay

rakshay (Querist)
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12 October 2016 Thank u sir to resolve my grievance