WebAug 4, 2024 · As per section 64(1A) , income of minor child is clubbed with the income of his/her parent. In case the income of individual includes income of his/her minor child, such individual can claim an … WebJan 15, 2024 · In case the income of individual includes income of his/her minor child, such individual can claim an exemption under section 10(32)) of Rs. 1,500 or income of minor so clubbed, whichever is less. (*) Provisions of section 64(1A) will not apply to any income of a minor child suffering from disability specified under section 80U. In other …
Income Tax on Income of Minor Child - TaxHelpdesk
WebJul 12, 2024 · The Indian Income Tax Act contains special provisions for taxation of income earned by the minor child. Section 64(1A) of the Income Tax Act, 1961 provides the … mary kate and ashley olsen age today
Minor Income tax return in India + What is Clubbing of income of …
WebMar 5, 2024 · C. Clubbing of Income of a Minor Child [Sec 64 (1A)]: Income of a minor Child (Including Step or Adopted) in excess of Rs. 1,500 p.a.(After all deduction) is clubbed with the total income of parent whose income is higher and continuously clubbed with his income unless the AO is satisfied to change. Following points must be taken into ... WebJul 3, 2024 · Clubbing income of a minor child: Any income earned by a minor child during the financial year should also be clubbed in the income of the taxpaying parent and taxed accordingly. In case both the parents are earning, the income of a minor child should be clubbed in the income of the parent whose total income is greater. ... WebApr 4, 2024 · Clubbing of income means including the income of any other person in the assessee's total income. The Income-tax Act has specified certain cases where the income of one person is statutorily required to be included in the income of another person if some conditions are satisfied. This inclusion is known as “Clubbing of Income”. For … hurriedly past tense