Under the old tax regime, Mother's total income is Rs. 4,50,000, Father's total income is Rs. 4,00,000,…
The mother’s total income becomes Rs. 5,98,500 and the father’s remains Rs. 4,00,000. The minor’s interest is clubbed with the higher-income parent after the Rs. 1,500…
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Under the old tax regime, Mother's total income is Rs. 4,50,000, Father's total income is Rs. 4,00,000, and the minor son's income from interest is Rs. 1,50,000. What will be the total income of Mother and Father respectively?
Answer and explanation
Correct answer A
The mother’s total income becomes Rs. 5,98,500 and the father’s remains Rs. 4,00,000. The minor’s interest is clubbed with the higher-income parent after the Rs. 1,500 exemption: Rs. 4,50,000 + Rs. 1,50,000 − Rs. 1,500 = Rs. 5,98,500.
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Madhya Pradesh SET (MP SET)