I have purchased some land property with construction over it in name of my minor son who is 15 years old. There is a rental income from this property. After attaining majority of my minor son, will the income from that house property be clubbed with my income or will it purely be the income of my son?
2 Replies
Rahul Shah
(Assistant Chartered Accountant)
(196 Points)
Replied 06 October 2016
Before attaining majority i.e Before 18 years income on Rental Property is to be clubbed with your income & after becoming major, Rental Income will not be added it is purely his income.
CA Saba Naaz
(Chartered Accountant)
(8487 Points)
Replied 06 October 2016
Agree with Rahul Shah.
Also, maximum exemption of Rs.1500 is allowed where the income of minor is clubbed. So, you can take this benefit.
Also, maximum exemption of Rs.1500 is allowed where the income of minor is clubbed. So, you can take this benefit.
Recent Topics
- Dr03 payment for input tax repayment
- Extra invoice in GSTR1
- CA Articleship form 112
- ITC for tax paid under RCM
- Loss adjust
- GST registration -rent Agreement
- Study partner for CA Final- Jan 26
- Sir, ITC is not showing in GSTR-3B, what to do
- Capital Gains on Industrial Property...
- While making correction in form-26QB getting - Maj
Related Threads
Trending Online Classes
-
GST LIVE Certification Course - 42nd Weekend Batch(With Govt Certificate)
Industry Expert17 May 2025
CAclubindia
