Contract with minor
This query is : Open
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?
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..
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..
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.
11 February 2012
if father sells such land and capital gain arises, than such capital gain is taxable in who's hands?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reward for festival
- 18% Rent a cab
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Capital gain on commercial property and investment in residential property
- Movement of goods by packers and movers - type of sale - Reg.
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- TDS Return Statement Status
- Import of Capital Machine
- Appointment of Auditor By Form ADT-1
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
