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Dear Sir / Madam,

I seek your expert guidance on a specific income-tax issue relating to a proposed Demat and Trading Account for my son, who is a Person with Disability (PwD) suffering from Autism Spectrum Disorder (ASD).

Background:
My son Shounak Ghosh is an adult (major) and is on the autism spectrum. Owing to his condition, he is considered of unsound mind and cannot independently operate a trading account. I am his legal guardian and intend to open a Demat and Trading Account in his name, to be operated by me as guardian, in accordance with SEBI guidelines.

I have referred to SEBI’s “FAQ on Account Opening by Persons with Disabilities”, which permits account opening in the name of a PwD with operation by a guardian, subject to KYC and guardianship requirements.

I have also received the following clarification from Zerodha, the broker with whom I am exploring account opening:

“The child is considered an individual taxpayer, and the income from the account will be assessed in his name, subject to standard income tax slabs.”

My specific queries are:

1. In such a case, who will be legally liable for income-tax obligations arising from trading activities:

> the PwD account holder, or

> the legal guardian who operates the account on his behalf?

2. Will the income (capital gains, dividend, interest, etc.) be:

> assessed entirely in the name of the PwD, or

> clubbed with the guardian’s income under any provision of the Income-tax Act?

3. Are there any special provisions, exemptions, or reporting requirements applicable when:

> the account holder is a PwD (autism), and

> the account is operated by a guardian under SEBI-compliant arrangements?

4. From a compliance and future-dispute perspective, is it advisable to:

> file a separate ITR in the PwD’s name, or

> adopt any additional safeguards or declarations?

Your guidance will help me proceed correctly and compliantly before opening the account.

Thank you for your time and expert advice.


Warm regards,
Bikash Ghosh
(Legal Guardian)

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