Income tax on minors family pension
Muthu
(Querist) 18 March 2013
This query is : Resolved
I am 33 yrs old. My wife expired and she was working in postal department. We had a son (5 yrs old now) and I am receiving a family pension for him as guardian. Also I am remarried and working in IT.
1. Do I need to file income tax along with my son's pension income? Is pension income exemptible from my tax calculation?
2. If I invest this pension income in my son's name in RD, FD etc., should the interest gained be clubbed with my income while filing tax? or it can be treated individually?
ajay sethi
(Expert) 18 March 2013
raise query in CA club india .com
prabhakar singh
(Expert) 18 March 2013
THE ADVISE IS GOOD BUT GET RETURNS FILED IN NAME OF MINOR AS HIS GUARDIAN FOR PENSION AMOUNT AS IT HIS INCOME NOT YOUR'S.
Raj Kumar Makkad
(Expert) 18 March 2013
1. The income of minor shall be clubbed with your income and thus the pension income should be got included.
2. You shall definitely get the benefit of all those investments as if you had invested your income thereto.
Devajyoti Barman
(Expert) 19 March 2013
So , tax consultants are available here too.
Anirudh
(Expert) 19 March 2013
Dear Mr.Muthu,
The family pension received by your minor son is NOT includible in your hands.
I don't think that the quantum of the pension income may exceeded the maximum amount which is not chargeable to income-tax.
In case you put the pension amount in any RD/FD etc., and earn interest, that interest will get added to the pension income of your minor son. Again only if the total income (pension + interest earned) exceeded the maximum amount which is not chargeable to income-tax, income tax is payable, otherwise not.
