Announcement

Collapse
No announcement yet.

Acquisition, ownership and sale of property laws for a minor

Collapse
X
Collapse

Acquisition, ownership and sale of property laws for a minor

Last updated: October 23 2019
16 | Posts
  • Time
  • Show
Clear All
new posts
  • #11

    #11

    Re : Acquisition, ownership and sale of property laws for a minor

    Just to add, a minor can also acquire an immovable property out of his own funds. In such case the agreement for the purchase of the property has to be executed by the natural or legal guardian of the minor, as the minor is not competent to contract. Also, while acting on behalf of a minor, the guardian is expected to act in utmost faith, for the benefit of the minor.

    Comment

    • #12

      #12

      Re : Acquisition, ownership and sale of property laws for a minor

      Thanks for sharing movedin

      Comment

      • #13

        #13

        Re : Acquisition, ownership and sale of property laws for a minor

        Does a minor have to pay income tax on a property owned by him or her, if yes then how is it calculated and what kind of tax benefits can be availed?

        Comment

        • #14

          #14

          Re : Acquisition, ownership and sale of property laws for a minor

          If an immovable property is used by a minor or his/her family members for their own residence, no income is presumed to have been gained.
          Talk TRUE; Talk IREF

          Comment

          • #15

            #15

            Re : Acquisition, ownership and sale of property laws for a minor

            Thanks Malvish What about rent? If a minor rents out a gifted property, what will be the tax implications or benefits?

            Comment

            • #16

              #16

              Re : Acquisition, ownership and sale of property laws for a minor

              A minor can rent out a property owned by him or her through the guardians and the rental income will be taxable after deduction of 30% of the rent received as standard deduction.
              Talk TRUE; Talk IREF

              Comment

              • #17

                #17

                Re : Acquisition, ownership and sale of property laws for a minor

                The rental income or capital gains with respect to a property owned by a minor, has to be clubbed with the parent’s income, after available deductions and exemptions.
                Talk TRUE; Talk IREF

                Comment

                Tags: None
                Have any questions or thoughts about this?
                Working...
                X