10 February 2012
respected sir, i wanted to ask can a minor give loan to his father? also income generated from such loan invested in land by father is taxable in who's hand?
10 February 2012
father can accept loan from his minor child.. there is no restriction on accepting such loan..
Should the amount be invested in land.. that shall not out of the personalized knowledge of the minor child and hence the same shall be clubbed in the hands of the parent with higher income..
11 February 2012
As per my Knowledge: According to Indian Contract Act, A Minor is not eligible to enter into contract, Contract with Minor is Void-ab-Intio.
CAclubindia
