A land of a deceased person was sold and shared among the legal heirs, comprising of a minor and 4 major
Will capital gain tax be applicable to the minor.If so can the amount be invested in capital gain account scheme 1988???
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Capital Gain for minor?
Replies (6)
Dear Mam,
Generally, Income arising to a minor are clubbed with the income of that parent whose income is higher.
Income arising under Capital Gains i:e on sale of any property/asset is no different from above principle & the Mionor's share of gain will be clubbed with the income of the parent.
Benefit of Capital Gain account scheme in respect of minor's share in the Gain can be availed provided other conditions are fulfilled.
Minors Capital Gains income will be clubbed
| Originally posted by : Amir | ||
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Dear Mam, Generally, Income arising to a minor are clubbed with the income of that parent whose income is higher. Income arising under Capital Gains i:e on sale of any property/asset is no different from above principle & the Mionor's share of gain will be clubbed with the income of the parent. Benefit of Capital Gain account scheme in respect of minor's share in the Gain can be availed provided other conditions are fulfilled. |
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minor capital gain will be clubbed
| Originally posted by : Aditya Maheshwari | ||
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Minors Capital Gains income will be clubbed |
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Minors capital gain shall be clubbed in d hands of their parent (who ever's income is higher...)
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