Minor income in the hands of parents

Tax queries 368 views 2 replies

manager finance

105 Points Joined June 2010

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

Replies (2)

Wealth Manager

5293 Points Joined December 2008

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.

SOMETHING IS BETTER THAN NOTHING

1095 Points Joined December 2012

I think the katha can use the income since after becoming major he may also be included in HUF hence they may.

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