Partnership between father & Minor son(represented by mother
This query is : Resolved
20 April 2009
Friend,
I have three queries on above matter
1. Whether Father and minor son(represented by mother) can enter into partnership, where there is they are two partner only....what is income tax implication u/s 64(1A)
2. In such matter whether minor can be working partner?
3. whether minor son can also have sharing in losses?
I have three queries on above matter
1. Whether Father and minor son(represented by mother) can enter into partnership, where there is they are two partner only....what is income tax implication u/s 64(1A)
2. In such matter whether minor can be working partner?
3. whether minor son can also have sharing in losses?
Manmohan ACA, CS
(Expert)
20 April 2009
1. Whether Father and minor son(represented by mother) can enter into partnership, where there is they are two partner only....what is income tax implication u/s 64(1A)
Yes,
2. In such matter whether minor can be working partner?
No, as he can not enter in to contract
3. whether minor son can also have sharing in losses?
No as per partnertship act
Yes,
2. In such matter whether minor can be working partner?
No, as he can not enter in to contract
3. whether minor son can also have sharing in losses?
No as per partnertship act
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