basant (manager finance) (105 Points)
19 March 2013Dear 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
Mihir
(Wealth Manager)
(5293 Points)
Replied 19 March 2013
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.
VIKAS.A
(SOMETHING IS BETTER THAN NOTHING)
(1095 Points)
Replied 19 March 2013
CAclubindia
