P.C. Joshi (service) 17 August 2009

GIFT TO MINOR

I SHALL BE GRATEFUL FOR ANSWERS FROM MEMBERS ON THE FOLLOWING QUERY:

1. CAN A FATHER MAKE GIFT OF MONEY TO HIS MINOR CHILD WHICH MAY BE USED TO INVEST IN THE NAME OF MINOR IS THE END USE IS OF ANY LEGAL SIGNIFICANCE

2. CAN A MINOR BECOME A SHAREHOLDER IN A COMPANY. OR A COMPANY OWNED BY FATHER ALLOT SHARES TO THE MINOR UNDER THE PARENT AS LEGAL GUARDIAN.

3. CAN SHARES BE TRANSFERRED BY PARENTS TO A MINOR CHILD.

REGARDS

P.C. JOSHI

A V Vishal (Advocate) 17 August 2009

1. CAN A FATHER MAKE GIFT OF MONEY TO HIS MINOR CHILD WHICH MAY BE USED TO INVEST IN THE NAME OF MINOR IS THE END USE IS OF ANY LEGAL SIGNIFICANCE.

Ans Yes the father can gift money

2. CAN A MINOR BECOME A SHAREHOLDER IN A COMPANY. OR A COMPANY OWNED BY FATHER ALLOT SHARES TO THE MINOR UNDER THE PARENT AS LEGAL GUARDIAN.

Ans. Yes, he can become underthe guardianship of an adult.

3. CAN SHARES BE TRANSFERRED BY PARENTS TO A MINOR CHILD.

Ans. They can be, either through gift or any other mode.

1 Like

P.C. Joshi (service) 18 August 2009

Thanks.

What is the tax implications of money gifted by father to minor daughter.

regards

P.C. Joshi