Income of minor child
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 July 2012
Pl. explain me:
The Assessee's minor child has FDR with bank and earned Interest income. The Bank had taken PAN of the Assessee at the time of opening of FDR and also deduct TDS on Interest on the account of Assessee's PAN.
In which Head of Income the Assessee will clubb Minor's interest income and will he/she obtain any exemption.
Please some one explain me in details.
Thanks,
The Assessee's minor child has FDR with bank and earned Interest income. The Bank had taken PAN of the Assessee at the time of opening of FDR and also deduct TDS on Interest on the account of Assessee's PAN.
In which Head of Income the Assessee will clubb Minor's interest income and will he/she obtain any exemption.
Please some one explain me in details.
Thanks,
30 July 2012
its a clubbing of income u/sec. 64 exemption allowed only for rs. 1500
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Querist : Anonymous
Querist :
Anonymous
(Querist)
30 July 2012
Thanks Koeshji, But i have still some questions about deduction u/s 80C.
Assessee had invested Rs. 80,000/- in LIC, Rs. 20,000/- in PPF And
Minor Child had also invested Rs. 51,000/- in PPF
than what amount be taken for deduction u/s 80C in the Assessee Computation?
And on Which Income Head the interest income of minor child be taken?
Assessee had invested Rs. 80,000/- in LIC, Rs. 20,000/- in PPF And
Minor Child had also invested Rs. 51,000/- in PPF
than what amount be taken for deduction u/s 80C in the Assessee Computation?
And on Which Income Head the interest income of minor child be taken?
30 July 2012
1. The interest income shall be clubbed under the head Income from Other Sources.
2. Exemption of Rs. 1,500 shall be allowed against such income.
3. Your investment of Rs. 80,000 in LIC and Rs. 20,000 in PPF exhausts the limit of Rs. 1 lakh. So, the investment of Rs. 51,000 will not get you any additional benefit.
2. Exemption of Rs. 1,500 shall be allowed against such income.
3. Your investment of Rs. 80,000 in LIC and Rs. 20,000 in PPF exhausts the limit of Rs. 1 lakh. So, the investment of Rs. 51,000 will not get you any additional benefit.
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