Minor income in the hands of parents

457 views
User Avatar

manager finance
46 Points Posted on 19 March 2013

Dear All,

What would be status of minor income accumalted in the balance sheet of parents / guardian when he/she attains the age of majority?

Can Karta of HUF use the accumalated balance of minor for any business transactions?

Thanks & Regards,

Basant Maurya

 

 

0 Reply Share Follow
On 19 March 2013 at 14:48 Report
Replies (2)
User Avatar

Wealth Manager
5358 Points Posted on 19 March 2013

Minor income clubbed with the income of the parents will be taxable in the hands of the parents with a deduction of Rs. 1500/- per year.

Reply
On 19 March 2013 at 16:44
User Avatar

SOMETHING IS BETTER THAN NOTHING
703 Points Posted on 19 March 2013
I think the katha can use the income since after becoming major he may also be included in HUF hence they may.
Reply
On 19 March 2013 at 16:53

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Form 146 required
  2. Rule 86(B) Applicability
  3. ROC FILINGS FY2025-26
  4. Mismatch in 26AS
  5. How Can a Trader Utilise Approximately ₹1.20
  6. How Can Law Students Present Papers at Conferences
  7. On which amount 200% penalty under section 270A is
  8. RECEIVED INTIMATION U/S 399 FOR TDS PAYMENT ON PRO
  9. How do CA firms track SEBI/AMFI circulars and dead
  10. Jurisdictional validity of Sec 148 notice after fa

More recent discussions | Post

Related Topics :

Loading

Latest Job Openings

View all
Company
Featured 12 September 2026
Assistant Manager - Finance & Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
ARTICLESHIP 16 September 2026
Article Assistant

MANUJ SHARMA AND COMPANY

Noida

CA Inter

View Details
Company
24 August 2026
Semi-Qualified CA/CA Finalist - Tax, GST, Audit & Accounts

Bharat Shah & Associates

Mumbai

CA Inter

View Details
Company
15 September 2026
Client-site CA associate

Aditya Muley and Co

Mumbai

CA

View Details
Company
ARTICLESHIP 01 September 2026
Article Assistant

SGNG & Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 26 August 2026
CA Article Assistant/CA Drop Out/Accounts Executive

PARV & Co.

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 29 August 2026
Article Assistant

RRPM & ASSOCIATES LLP

Chennai

CA Inter

View Details
Company
ARTICLESHIP 01 September 2026
Articles

Saini Pati Shah & Co LLP, Chartered Accountants

Mumbai

CA Foundation

View Details