We recently received an IT notice for my son for FY 09-10. According to the letter, he received RBI bond payment in excess of Rs. 5 lakhs and therefore they are asking if he has filed an IT return.
He was a minor during that year and his income was clubbed with mine. Does he have a tax filing requirement?
30 April 2012
1. Since your son is minor and his income is clubbed with your income, your son need not require to file income tax return.
2. As per income tax laws some institution has to file information return in which they give the detail of high value transaction. In your case investment made is 5 lakh so income tax department got the information and send the notice asking the explanation for the source of money.
3. You can simply reply to their query stating the facts that - - your son is minor and his income is clubbed with your income. Attach the supporting documents.
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