01 January 2014
A relative turns 18 years on February 3, 2014. Can he file IT Returns for the AY 2014-2015 (FY 2013-2014) as a major for the full financial year 2013-14 or only for the period 3/2/2014 to 31/3/2014?
Kindly advise if the income of the financial year 2013-2014 has to be split into two categories: (1) the income that arises during the period upto 2/2/2014 when he was a minor and this income has to be clubbed with the income of the parent; (2) the income that arises from 3/2/2014 to 31/3/2014 which will be his income as a resident individual (not to be clubbed with the income of the parent).
In the case of a person turning 60 even in February 2014, he will be considered a senior citizen for the full financial year 2013-2014. So, if a child becomes a “major” in February 2014, will he not be a “major” for the full financial year 2013-2014? In this case, there will be significant tax saving as clubbing provisions will not be applicable and the total income will be split into two – that of the parent and that of the son. I will appreciate your opinion alongwith a reference to the applicable section of the Income Tax Act.
02 January 2014
Hello Vaibhav. Noted that he has to file one return as on 31/3/2014. My question is whether my relative will file his own return as a "Major" or whether he will not file return as his income will be clubbed with that of the parent. Thanks.
02 January 2014
Hello Vaibhav. Noted that he has to file one return as on 31/3/2014. My question is whether my relative will file his own return as a "Major" or whether he will not file return as his income will be clubbed with that of the parent. Thanks.
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