Income of minors – to increase exemption limits under section 10(32)Online GST Certification Course by TaxGuru & MSME- Click here to Join
At present income of minors included in the hands of parents is exempt to the extent of Rs.1,500/- for each minor. The average expenditure to meet cost of a minor’s education/health/living expenses which has gone up considerably in recent years, limit of
Rs.1,500/- fixed is woefully inadequate.
It is suggested that this should be raised to at least Rs.10,000/- for each minor child.
Source- Pre-Budget Memorandum 2014 on Direct Taxes by ICAI