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Contract with minor

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(Querist)
10 February 2012 respected sir, i wanted to ask can a minor give loan to his father? also income generated from such loan invested in land by father is taxable in who's hand?
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CA. Hari Kishan

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CA. Hari Kishan (Expert)
10 February 2012 father can accept loan from his minor child.. there is no restriction on accepting such loan..

Should the amount be invested in land.. that shall not out of the personalized knowledge of the minor child and hence the same shall be clubbed in the hands of the parent with higher income..
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Jiten Gupta

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Jiten Gupta (Expert)
11 February 2012 As per my Knowledge: According to Indian Contract Act, A Minor is not eligible to enter into contract, Contract with Minor is Void-ab-Intio.
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deshna

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deshna (Querist)
11 February 2012 if father sells such land and capital gain arises, than such capital gain is taxable in who's hands?
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