GK
TAXES IN INDIA
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
R gifted his house property to his married minor daughter. The income from such house property shall be taxable in the hands of :
|
|
R. However, it will be first computed as minor daughters income & clubbed in the income of R
|
|
|
R as deemed owner
|
|
|
Income of married minor daughter
|
|
|
None of these
|
Explanation:
Detailed explanation-1: -Tax payable on income Yes, under Section 64 (1A), any money that is received by a child who is less than 18 years of age will be clubbed with the parents’ income and taxed at applicable rates. If both the parents are earning, then the minor’s income will be clubbed with that of the parent whose income is higher.
Detailed explanation-2: -SEC-64(1A): INCOME OF MINOR CHILD Income of minor child including minor married daughter shall be clubbed with the income of parent whose total income excluding the income of the minor is greater. Exceptions: Minor child suffering from disability specified under section 80U of the Income Tax Act.
There is 1 question to complete.