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
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.
Chirag N Shah & Associates
Mumbai
CA Inter
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Triveni Turbine Limited
Bengaluru
CA
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CAclubindia
