Ppf interest income of minor
This query is : Resolved
27 August 2014
Dear Experts,
Kindly reply to the following queries:
PPF Interest is exempt.
However, whether the minor child's Income by way of Interest from PPF Investment is EXEMPT while clubbing with the income of the Father.
Please confirm.
Thanks a lot.
Kindly reply to the following queries:
PPF Interest is exempt.
However, whether the minor child's Income by way of Interest from PPF Investment is EXEMPT while clubbing with the income of the Father.
Please confirm.
Thanks a lot.
27 August 2014
Yes. Interest earned on PPF investment of Minor child is also exempt from tax.
28 August 2014
Parent with whose income the income of Minor is being clubbed can claim the exemption.
29 August 2014
income of son include in income of father or mother which have higher income.
29 August 2014
Let me correct here. He there are 2 issues :
1. Contribution in PPF from Father in the name of son 2) Interest income investment .
Clarifications are here under:
1)) For PPF , If contribution for minor son or daughter coming from father then Father is to claim the exemption and if mother has contributed then Mother will claim exemption in her return.
There is no provision of higher and lower income criteria in IT act for this exemption claim.
2) Interest income of son -investment in PPF -- same way exemption available as mentioned above point no. 1
or
If interest income from PPF invested outside PPF , then that money is taxable under the head of income from other sources for father or mother whosoever contributed.
1. Contribution in PPF from Father in the name of son 2) Interest income investment .
Clarifications are here under:
1)) For PPF , If contribution for minor son or daughter coming from father then Father is to claim the exemption and if mother has contributed then Mother will claim exemption in her return.
There is no provision of higher and lower income criteria in IT act for this exemption claim.
2) Interest income of son -investment in PPF -- same way exemption available as mentioned above point no. 1
or
If interest income from PPF invested outside PPF , then that money is taxable under the head of income from other sources for father or mother whosoever contributed.
29 August 2014
Father and Mother criteria as stated aboveis for clubbing purpose and not for claiming exemption.
29 August 2014
What if both Father and Mother has contributed?
29 August 2014
Proportionate to interest earned on their contribution and invested outside PPF is taxable separately.
Hope this clarify the issue .
Hope this clarify the issue .
Message likes :
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31 August 2014
http://www.incometaxindia.gov.in/publications/1_Compute_Your_Salary_Income/5_Clubbing_of_income.asp
http://blog.cleartax.in/clubbing-of-income-under-income-tax-act/
http://www.simpletaxindia.net/2012/07/clubbing-of-income-individual-section.html
Requested to check out above links.
http://blog.cleartax.in/clubbing-of-income-under-income-tax-act/
http://www.simpletaxindia.net/2012/07/clubbing-of-income-individual-section.html
Requested to check out above links.
Message likes :
1 times
31 August 2014
The links are useful for understanding on "clubbing of Income of Minor etc " for IT purpose.
Thanks.
Thanks.
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