What are the tax laws in the case of Minor? Suppose the minor account made a profit of 2L in a year and the patent come under 20% tax slab, does minor need to pay 20%?

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The minor income is added in father or mother whose income is more.

Minor doesn't have to file separate tax returns.

"Any income that accrues or is paid to a minor is added to the parent's income under section 64(1A) and the parent will be taxed just like if it were their own income."

Topic: Minor Demat & Trading Account Explained - IPO, Tax, NCD FAQ

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Find more questions on this topic

  1. Who is considered a minor in India?
  2. Can a Demat and Trading account be opened for a minor?
  3. Which broker in India allows opening of demat and trading account in the name of the minor?
  4. Does minor need a bank account before opening a demat or trading account?
  5. Can a minor demat account be opened without its PAN card?
  6. What are minor stock trading account restrictions?
  7. Can a minor be a joint holder in a demat account?
  8. What happens to a minor demat account when the minor becomes major?
  9. I have two minor children's. Can I be the Guardian of both of them when opening the minor demat account on my kid's name?
  10. Can I trade online in my son's minor trading account?
  11. Can a minor apply in buyback offers?
  12. How do I open a minor demat account?
  13. What you should consider before opening Minor Demat Account?
  14. Can I open minor demat and trading account online?
  15. Can minor apply for IPO (Initial Public Offer)?
  16. Does Minor need a Demat account to invest in IPO?
  17. Can I sell shares which I received in the minor demat account through IPO allotment?
  18. How do I sell shares received in IPO allotment in minor demat account?
  19. As PAN Card of the Guardian is mandatory in the minor account, will that cause any problem in IPO Allotment if IPO is applied by both Guardian and minor?
  20. How to apply in an IPO on a minor's name?
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