Hello Friends,
What if I have minor child's income of less than Rs. 1,500.
Can I claim exemption of Rs. 1500 straight or rule is Rs. 1500 or actual income whichever is less?
Also 1500 limit is monthly or annual?
thanks in advance!!!
Manoj Harchandani (Tax adviser and planner) (28 Points)
18 December 2012Hello Friends,
What if I have minor child's income of less than Rs. 1,500.
Can I claim exemption of Rs. 1500 straight or rule is Rs. 1500 or actual income whichever is less?
Also 1500 limit is monthly or annual?
thanks in advance!!!
Karan Teli
(Life Is just an Illusion...!!)
(4573 Points)
Replied 18 December 2012
1500 limit is an annual limit per child.
THe section says that 1500/- or the actual income which ever is least
HARPREET SINGH
(Chartered Accountant)
(79 Points)
Replied 18 December 2012
Hi Manoj,
Rs.1500 is annual limit per minor is deductable.
Rs. 1500 is not adhoc...this is max limit or actaul income whichever is low.
I hope this is clear to you.
Thanks
Harpreet Singh
GARIKIPATI KISHORE
(CA-FINAL STUDENT)
(47 Points)
Replied 18 December 2012
Rs 1500/- limit is for annual and not monthly.Coming to deduction given to parents it is rs 1500/- or actual income clubbed (added to parent's income) which ever is lower
DEEPA VYAS
(CA )
(2039 Points)
Replied 18 December 2012
CA Sanjay Bag
(CHARTERED ACCOUNTANT)
(3340 Points)
Replied 19 December 2012
| Originally posted by : Karan Teli | ||
 |
1500 limit is an annual limit per child. THe section says that 1500/- or the actual income which ever is least |
 |
Fully agreed....................
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