rajesh (partner) 15 May 2012
I request opinion on the following matter: My minor son had long term capital gains, I invested the amount in a property (site). Since he cannot enter into agreements, my wife & I purchased the property in our joint names. We wish to use balance funds for construction of a house through a Capital gains account. However, how do we effect transfer of the property in his name after his attainment of majority? Like Khata transfer, property tax documents etc..
MohammedRaffiq Bijapur (Advocate) 15 May 2012
Mutation of name of minor is not prohibited. It may be done through guardian. Yourself act as guardian and do necessary to the welfare of ur minor son. Contact advocate or concern revenue authority for mutation in Khata extract.
MohammedRaffiq Bijapur (Advocate) 15 May 2012
Mutation of name of minor is not prohibited. It may be done through guardian. Yourself act as guardian and do necessary to the welfare of ur minor son. Contact advocate or concern revenue authority for mutation in Khata extract.
K S Dhingra (Consultant) 17 May 2012
A minor can hold property in his own name, and involvement of guardian for this purpose is not necessary. However, a minor cannot be fastened with any liability. Therefore, transfer in minor's name should not lay down any obligations. You and your wife can transfer the property in your son's name any time. However, for the purposes of income tax, the capital gains earned by your minor son will be to your account by virtue of section 64 of the Income Tax Act.
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