Law panel explores income tax relief to single mothers
Tuesday, March 7, 2017 IST
The Law Commission is examining whether or not single mothers may be alleviated of the taxation accruing on maintenance payment for a minor in an exceeding divorce settlement.
Under I-T rules, interest on cash deposited as maintenance payment for a minor is clubbed with the financial gain of the guardian. The commission, headed by Justice (retd) B S Chauhan, is anticipated to submit a report during this regard shortly, someone responsive to the matter told ET.
A reference on the topic was received by the commission recently from the geographical region and Haryana HC. in keeping with the person cited earlier, the court aforesaid associate exception against the symptom of financial gain from maintenance cash could be a “desirable thing” just in case of minor kids residing with one parent. “Circumstances of the minor having received maintenance cash area unit completely different from say a minor in UN agency's name some business has been started by either of the parent or who has been advanced some gift throughout the subsistence of wedding of fogeys,” the court aforesaid.
The court has written 2 queries for the commission: “Whether interest attained by a minor from maintenance placed in an exceedingly mounted deposit by the minor’s father ought to be treated as financial gain of the minor, and if answer to the current question is in the affirmative, whether or not interest financial gain accruing to the minor ought to be clubbed with the financial gain of the parent UN agency maintains the kid.”
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