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 ?
vikram jit singh (Accountant) (41 Points)
14 July 2016My 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 ?
CA Srujann kumar Reddy
(Asst Manager(Internal audit))
(1679 Points)
Replied 14 July 2016
vikram jit 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
vikram jit 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
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