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Clubbing of income of minor child Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on Clubbing of income of minor child Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is clubbing of income of a minor child? |  |
Ans. Clubbing of income of a minor child refers to a tax provision where any income earned by a minor child is added to the income of their parent(s) or guardian(s) for tax purposes. This is done to prevent tax evasion by individuals who transfer their income to their minor children to take advantage of lower tax rates or exemptions.
| 2. Are there any exemptions to the clubbing of income of a minor child? | |
Ans. Yes, there are exemptions to the clubbing of income of a minor child. If the income of the minor child is derived from manual work or from any activity involving the application of their skill, talent, or specialized knowledge, it will not be clubbed with the income of their parent(s) or guardian(s).
| 3. What is the purpose of clubbing the income of a minor child? | |
Ans. The purpose of clubbing the income of a minor child is to ensure that individuals do not evade taxes by transferring their income to their minor children, who may be subject to lower tax rates or exemptions. By adding the child's income to the parent's or guardian's income, the tax liability is calculated based on the combined income, preventing tax avoidance.
| 4. Can a minor child's income be exempted from clubbing if it is used for their education or welfare? | |
Ans. No, using a minor child's income for their education or welfare does not exempt it from clubbing. The tax laws do not provide any specific exemptions for such purposes. However, if the income is invested in certain specified instruments like government-approved savings schemes, it may be eligible for tax exemptions or deductions under separate provisions.
| 5. Can a minor child's income be clubbed with both parents' incomes if they are divorced or separated? | |
Ans. Yes, if the parents of a minor child are divorced or legally separated, their incomes can still be clubbed for tax purposes. The clubbing of income applies to both parents or guardians, regardless of their marital status. The income of the minor child will be added to the income of the parent with whom the child resides or who has legal custody.
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Nov 16, 2024 Last updated |
Video Description: Clubbing of income of minor child for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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