clubbing of minor`s income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 December 2010
Whether profit on sale of shares by minor be clubbed in the hands of their Parents.
03 December 2010
YES
03 December 2010
Hello sanjay sir., this query created a new doubt in my mind.... Can a minor enter into an agreement of purchase or sale of shares?? Coz thats a contractual agreement, how can any minor sale shares in his name???
03 December 2010
Yes Dhiraj Ji you are correct at present demat account can not be opened in the name of Minor (legally) and hence share trading is not possible but earlier there were demat accounts in the name of the minor.
So if there is any such profit from share trading it can be clubbed with minor.
So if there is any such profit from share trading it can be clubbed with minor.
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