01 February 2015
Hi we are purchasing a property which is in joint ownership. There is a minor in the stake so how should his account be settled should we keep his share of proceed in bank fixed deposit.
also will he have to pay capital gain.. This is ancestral property and not self aquired
please suggest thanks
01 February 2015
Capital gain tax has to be paid whether minor or not. In view of the subsection (2) of Section 8 of the Hindu Minority and Guardianship Act, 1956 it was not open to mortgage or charge, or transfer by sale, gift of the minor’s property without previous permission of the court.
CAclubindia
