In whose income the income of minor wud be clubbed if the parents are also minors ??????????????
CA. Shikha (Chartered Accountant) (4143 Points)
21 November 2008In whose income the income of minor wud be clubbed if the parents are also minors ??????????????
Prabeer
(B. COM (H) CA & CS Final)
(5484 Points)
Replied 21 November 2008
For the above query the income will be clubbed & assessed with the income of the legal representative of the minor.
CA JEELANI AHMED.ACA
(Chartered Accountant SERVICE)
(425 Points)
Replied 21 November 2008
i think the guardian of the minor/minor parents .,.
Ankit kumar
(Student)
(1691 Points)
Replied 21 November 2008
the income will be clubbed with the legal representative or guardian of the minor
Parth Magia
(Final C.A.Student)
(128 Points)
Replied 21 November 2008
CA Sunny Sharma
(Service)
(234 Points)
Replied 21 November 2008
I have answered it earlier as per US law btu i have a second thought also
No minor can open a bank account it can be done only through a joint account with any major person
So considering above fact we can determine who is taking care of the worth of the income of that minor child and income can be clubbed in his/her income. Now that person can be garand parent , Gurdian, legal representative.
CA. Shikha
(Chartered Accountant)
(4143 Points)
Replied 22 November 2008
There is a supreme court case (decided in 2008) regarding the issue. Does anybody know about that ?????????
CA Sunny Sharma
(Service)
(234 Points)
Replied 22 November 2008
NO i am not aware of any kind of judgment relating to this issue .... my reply was in accordance with US tax law so now i would like to know the difference.....let all of us know that judgement please forward the same.....
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)