19 February 2010
Please tell me can I invest in the name of minor from the amount taken as gift from his grand mother.so that this income can not clubbed in his parents income.
Also suggest me some another way to avoid such clubbing of income earned from investment in the name of minor.
can i open a trading aacount in the name of minor so that income gets charged for tax in his name only.
19 February 2010
Depending upon the total income of the minor you will have to file a separate return for the own income of the minor. You are filing it as a representative assessee.
CAclubindia
