Tax liability of a minor child if he becomes major

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Student
29 Points Posted on 21 January 2015

A minor sold a property on 1st sep 2012. He became major on 5th december 2012. The property was recieved through a will of a deceased person (his grand mother). will the gain on the said property would be taxable in his hands or would it be clubbed with the income of the parents.??

 

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On 21 January 2015 at 19:08 Report
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Practising CA
5649 Points Posted on 22 January 2015
Taxable in the hands of then major. An individual attaining majority during the year is a major through the year. No clubbing applicable. Please wait for other views.
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On 22 January 2015 at 01:46
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student
37 Points Posted on 21 February 2015
yes raj c doshi is correct. i will add that anything transferred through will shall not be clubbed as per exceptions to the prov. of clubbing
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On 21 February 2015 at 15:18
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Accountant
201 Points Posted on 22 February 2015

Both above replies are correct

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On 22 February 2015 at 15:12

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