Majority status.

POSTED BY Sundaram A ON June 4, 2012 6:49 pm COMMENTS (2)

An individual becomes a major on 9.1.2013 (i.e. in F.Y.2012-13). Till F.Y.2011-12,the minor’s income was clubbed with her father’s income.The queries :
1) Just as an individual is considered to be a senior citizen for a F.Y. if she completes 60 years of age anytime during the F.Y.,would the minor also be considered as an independent resident assessee for F.Y. 2012-13? If so,does it mean that a separate I.T.Return will have to be filed for her during F.Y.2012-13 incorporating the ENTIRE income earned by her during the year(including the period from 1.4.2012 to 8.1.2013 when she was a minor)?
2) Or is it that the minor will be considered a major only from 9.1.2013 and hence all her incomes from 1.4.2012 to 8.1.2013 will have to be clubbed with that of her father for F.Y.2012-13?
Thanks.

2 replies on this article “Majority status.”

  1. Sundaram A says:

    Thank you so much,Ashal,for the clarification.God Bless!

  2. Dear Sundaram, the minor ‘ll be considered major for full FY no matter even if the birthday falls on 31st of march – the last day of FY. Whatever income is accrued to this minor to major’s name ‘ll be treated as new major’s own income & ‘ll be taxed under major’s name.

    Thanks

    Ashal

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