My Son (14 years old) have received a gift cheque from his grandmother and earned income as interest from it. Now please tell me whether I can submit the income tax return with his name ?
5 Replies
CA Srujann kumar Reddy
(Asst Manager(Internal audit))
(1679 Points)
Replied 14 July 2016
it has to be clubbed to your income and tax to be paid on it
VIKRAMJEET SINGH
(Accountant)
(41 Points)
Replied 14 July 2016
that interest clubbed in mine income & i will pay the income tax. But what about his capital account. Whether the interest income add to his capital account ( year wise) or not. ?
CA Srujann kumar Reddy
(Asst Manager(Internal audit))
(1679 Points)
Replied 14 July 2016
sir here you mean capital account is the amount invested right by his grand mother, if that is the case it is exempted
VIKRAMJEET SINGH
(Accountant)
(41 Points)
Replied 14 July 2016
please tell me in detail, I will manage his capital account ( gift from his grandmother) and invest in bank fd. I will pay the tax on fd interest. whether I add back the interest to his capital account ? whether I submit the return with his name/PAN ?
CA Srujann kumar Reddy
(Asst Manager(Internal audit))
(1679 Points)
Replied 14 July 2016
no need of a seperate return in his name, if such income is clubbed to you it is fine,
if that income is less than 1500 that income will be exempt,
if that income is less than 1500 that income will be exempt,
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