18 March 2012
i want to file a ITR for a pesson, who was minor till august (in previous year)....but in september he completes the age of 18 years.....so at the end of relevant 31st March, he is major........
1) For deciding Minor or major, position on 31st march should be considered????
2) In which hands, income for the whole year shall be taxable.....
18 March 2012
For the full year his income will be taxable in HIS HANDS ( Taxable Hands ! Humour) if in the previous year ending on 31 03 2012 he becomes MAJOR in between the year any time. . Hope your "major" problem is solved.
18 March 2012
1. Minor / major is determined with respect to the DOB and not with respect to the cut off date of financial year. 2. Where the minor attains majority during an year then the income till the date he/ she remained minor in that year shall be clubbed in the hands of the parent.
CAclubindia
