28 January 2011
A minor attains majority in the mid of a financial year. He is given interest on 31 march every year.Will the interest accrued be calculated and clubbed in the hands of his parent till he attains majority? please explain.
28 January 2011
If a minor attains majority on any day during the financial year, any income earned by him during that financial year will taxed in his hands only even some of the income he earns before attaining maturity.
28 January 2011
At the time the child becomes major, the income earned till the date the child turns 18 is to be clubbed. In case of earning from business of minor, the profits for the year in which he / she turns 18 would not be clubbed, since they would accrue on the last day of the year.
CAclubindia
