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Saturday, March 10, 2012

Direct Tax Law 2010 (Solved)

Assets held by minor child Sec. 4 (1) (a) (ii)
The value of assets held by minor child including step child and adopted child, excluding a married daughter, a handicapped child, illegitimate child and grandchild of an individual is included in the wealth of a parent.
If marriage of parents subsists, then in the wealth of that parent whose net wealth is more.
If marriage of parents does not subsist, then in the wealth of that parent who maintains the minor child in the previous year.
However there are certain exceptions to it.
(i) Assets acquired by the minor child out of his income arising on account of his manual work or activities involving application of his specialized knowledge and experience shall not be included in the net wealth of a parent.
(ii) Assets held by a disabled minor child shall not be included in the wealth of the parent. In these cases, net wealth of the child shall be determined separately and assessed in his hands

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