Tax Management India. Com
                        Law and Practice: A Digital eBook ...

☞ Data-bank

TMI - Tax Management India. Com
Case Laws Acts Notifications Circulars Classification Forms Articles News D. Forum
Highlights
What's New  Latest Cases 

Share:      

        Home        
 
Discussions Forum
Home Forum Income Tax This
A Public Forum.
Anyone can participate to share knowledge.
We acknowledge the contributions of Experts/ Authors.

Submit new Issue / Query

← Previous Next →

Tax implicationon the income for Assessment Year in which she attained minority, Income Tax

Issue Id: - 116948
Dated: 5-1-2021
By:- Chhatra Jain
Tax implicationon the income for Assessment Year in which she attained minority

  • Contents

One of my client's daughter attained the majority on 01/03/2020 and her taxable income is 3,24,000/- after availing benefits of chapter VI-A of Income Tax Act Now Question is -

1) whether ₹ 3,24,000/- would be Taxable income in her hands for the assessment year 2020-21

2) whether in view of she remained major for one month only during the previous year 2019 -2020 ( relating the assessment year 2020-21) her income would be ₹ 27,000/- and the remaining ₹ 2,97,000/- would be added to the income of parents having higher income for the precious year 2019 -20 on pro rata basis.

There are conflicting vies. Your valuable advice is solicited..

Regds,

Chhatra Jain

New Delhi

Post Reply

Posts / Replies

Showing Replies 1 to 1 of 1 Records

1 Dated: 11-1-2021
By:- DR.MARIAPPAN GOVINDARAJAN

In my view the date of majority is known to the person concerned. Therefore the date fo majority lies in the financial year the whole income is to be calculated for her and not clubbed with her parents.

For example, if a person attains 60 years age in 01.03.2020 he is eligible for concession of taxable income limit to ₹ 3 lakhs for that financial year.


1

Post Reply

← Previous Next →

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || Database || Members || Refer Us ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.
|| Site Map - Recent || Site Map || ||