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Tax relief on money in single parent account may lead to tax evasion

Tax relief on money in single parent account may lead to tax evasion

Monday, March 20, 2017, 10:40 PM

The income tax exemption on the money deposited in a single parent’s account as maintenance for a minor child in a divorce settlement case could open flood gates of tax evasion, the Law Commission warned today. At present, as per the Income Tax laws, the interest on money deposited as maintenance amount for a minor is clubbed with the income of the guardian.
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