Tax liability of a minor child if he becomes major

358 views 3 replies

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.??

 

Replies (3)
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.
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

Both above replies are correct


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register