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

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..... Tax implicationon the income for Assessment Year in which she attained minority
Query (Issue) Started By: - Chhatra Jain Dated:- 5-1-2021 Last Reply Date:- 11-1-2021 Income Tax
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I .....

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..... ncome Tax
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) wh .....

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..... ether ₹ 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 ( relatin .....

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..... g 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 .....

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..... pro rata basis. There are conflicting vies. Your valuable advice is solicited.. Regds, Chhatra Jain New Delhi Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: In my view the date of majority is kn .....

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..... own 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 .....

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..... 60 years age in 01.03.2020 he is eligible for concession of taxable income limit to ₹ 3 lakhs for that financial year.
Discussion Forum - Knowledge Sharing .....

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