clubbing of minor`s income

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Querist : Anonymous

Querist : Anonymous (Querist)

03 December 2010 Whether profit on sale of shares by minor be clubbed in the hands of their Parents.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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03 December 2010 YES

CA Dhiraj Ramchandani

CA Dhiraj Ramchandani (Expert)
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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???

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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.

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