Nishit and Nikhil are minor sons of Sunil and Sheetal. For the previous year 2024-25 business income of Sunil is ₹ 5,40,000 p.a. and Salary Income of Sheetal is ₹ 30,000 per month. Income of Nishit and Nikhil from stage

Computation of total income of Sunil, Sheetal, Nishit and Nikhil for A.Y. 2025-26 (Paying tax by opting to shift out of section 115BAC) Particulars Sunil (₹) Sheetal (₹) Nishit (₹) Nikhil (₹) Income from Salary (taxable) 3,10,000 (After standard deduction of ₹ 50,000) [(30,000 x 12) - 50,000] Income from Business 5,40,000 Income from Stage Acting 60,000 40,000 Income from Other sources -Interest from company deposit received by Nishit (to be clubbed in the hands of Sunil after exemption of ₹ 1,500 amounts to be clubbed is ₹ 30,000 - ₹ 1,500) 28,500 -Interest from company deposit received by Nikhil (to be clubbed in the hands of Sunil after exemption of ₹ 1,500 amounts to be clubbed is ₹ 1,000 - ₹ 1,000) *Where the income of any minor is less than ₹1500 then the aforesaid exemption shall be restricted to the income so included in the total income of the individual. -Gift received by Nikhil on 20thAugust, 2024 from grandfather (Gift from a relative is not taxable) -Gift received by Nishit on 14th November, 2024 from Sunil's friend (to be clubbed in the hands of Sunil after (exemption of ₹ 1500 not allowed twice) 75,000 -Gifts received by Nishit on 14th November, 2024 from Sheetal's Mother who is relative (Gift from a relative is not taxable) Total Income 6,43,500 3,10,000 60,000 40,000