Quiz for the week (31 Aug 2026) :
Mike a citizen of India was employed outside India. He brought back his family and settled them in India in April,2025. He went back to the foreign country and continued his employment. He has a son aged 11 by name Aryan who won World Chess Championship for juniors and had a bank deposit of USD 2 lakhs in his name in the foreign country. The interest accrued on bank deposit was Rs. 8 lakhs (converted in INR) for the year ended 31st March, 2026. Mike has a let-out property income in India exceeding Rs.25 lakhs for the FY 2025-26. His status is non-resident for FY 2025-26. The issue for consideration is the need for clubbing bank interest of minor on deposits held outside India in computing the total income of Mike for the AY 2026-27.
Share your thoughts on or before 07.09.2026.