CLUBBING OF MINOR'S INCOME

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  1. DEVARAJAN N K

    DEVARAJAN N K New Member

    Please clarify whether interest received on Bank Term Deposit ( made out of the share of compensation received as insurance claim / employer of the deceased parent) in the name of the minor child will be clubbed with the income of the living parent. In this case whether the minor can obtain a PAN card and file IT return of his/her separately. The compensation has been shared by the minor children and the living parent.

    Else, if included with the living parents income, whether any deduction is available for them.

    Devarajan N K
     
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