Minor child can hold the shares

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2012 my uncle wants issue fully paid up shares to the minor child of his brother through its guardian.

can private co do it?
is company act allow?
how income tax see this issue?

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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26 October 2012 There is no restriction to this provision either under companies act or under Income Tax Act but
1) What is the source of minor's investment?

If investment is proper and minor have the capital it can be done.