sandeep (R.M) 20 March 2010
hi, i am sandeep. My client have some amount (black) and he want to invest in Mutual fund with out pan card. he is asking me that, he invest in his son name(minor) and if he stands as a guardian. Now, minor is the applicant and his farther is guardian. So from this case if he can excape from tax or black amount, he wil submit pan card.
is this legal
pls suggest
Vineet (Director) 20 March 2010
Now PAN is mandatory for investment in Mutual Funds. No transaction in black money can be held as legal.
In fact the investor has to be KYC compliant also.
sandeep (R.M) 24 March 2010
thank you
but sir, if he invest his money as a guardian, then whose money that will be considered as. weather govt consider that money as guardian's money or minor money...
Vineet (Director) 25 March 2010
The income of minor is clubbed in the hands of parent. So if any undisclosed income or invested is detected in the name of minor, the tax incidence and other penal action falls on the parent only.
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