clubbing of income
This query is : Resolved
03 December 2010
Business Income earneds by Minor as of regular Purchase and Sale of shares,
Will this business Income will be clubbed in the hands of his parents
Will this business Income will be clubbed in the hands of his parents
03 December 2010
YES.
EXCEPTION
64(1A)
In computing the total income of any individual, there shall be included all such income as arises or accrues to his minor child not being a minor child suffering from any disability of the nature specified in section 80U:
Provided that nothing contained in this sub-section shall apply in respect of such income as arises or accrues to the minor child on account of any - (a) Manual work done by him; or
(b) Activity involving application of his skill, talent or specialised knowledge and experience.
EXCEPTION
64(1A)
In computing the total income of any individual, there shall be included all such income as arises or accrues to his minor child not being a minor child suffering from any disability of the nature specified in section 80U:
Provided that nothing contained in this sub-section shall apply in respect of such income as arises or accrues to the minor child on account of any - (a) Manual work done by him; or
(b) Activity involving application of his skill, talent or specialised knowledge and experience.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund of AY 22-23
- HSN Details in IFF/GSTR-1 & in GSTR 9
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- TDR receipts for agreement holder
- Inventory of finished goods
- Sale of property furniture sale
- Disallowance of Section 43B(h) to sez units
- GST APPLICABILITY ON POLLUTION CHECK SERVICE
- Applicability of Ind As to associate of associate
- Refund AY 2012-13 and 2013-14
- DIRECT TAX CODE 2025
- MODEL FILLED AUDIT REPORT FOR TRUSTS IN FORM 10B
- 115TD on cancellation of 12A 80G Registration
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- CASE INTIMATION OF LIABILITY UNDER SECTION 73(5)(Rule 142(1A)
Trending Online Classes
CAclubindia
