assessee's income with minor daughter's share Archives

clubbing assessee's income with minor daughter's share

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Assessee’s income for tax assessment cannot be clubbed with minor daughter’s share of sale proceeds, deposited as per Court’s order: ITAT

The assessee deposited 50% minor daughter’s share in the nationalized bank. Further, the assessee accounted his 50% share and offered the same as capital gain with the deduction of claim under Section 54 of the Income Tax Act, 1961.